The URL can be used to link to this page

Home My WebLink AboutJuly 18, 2016 Agenda Packet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±3XEOLF,PSURYHPHQWVWR6HUYH &DULERX&RIIHHDW5LYHU&HQWHU3OD]D- $GRSWHG5HVROXWLRQ1RDSSURYLQJWKH&LW\2ZQHUDQG&RQVWUXFWLRQ 2EVHUYDWLRQ&RQWUDFWZLWK1RUWKEURRN//&)UDVHU&RQVWUXFWLRQ&RDQG:6% $VVRFLDWHV,QFIRU3URMHFW1R-3XEOLF,PSURYHPHQWVWRVHUYH&DULERX &RIIHHDW5LYHU&HQWHU3OD]DLQWKHDPRXQWRI '6RXWK%URDGZD\52:4XLW&ODLP'HHGWR&LW\±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³&LW\´ LVDKRPHUXOHFKDUWHUFLW\DQGSROLWLFDO VXEGLYLVLRQGXO\RUJDQL]HGDQGH[LVWLQJXQGHUWKH&RQVWLWXWLRQDQGODZVRIWKH6WDWHRI0LQQHVRWD 3X UVXDQWWR0LQQHVRWD6WDWXWHV&KDSWHU&DVDPHQGHG WKH³$FW´ WKH&LW\LV DXWKRUL]HGWRLVVXHUHYHQXHERQGVWRSURYLGHIXQGVWRILQDQFHPXOWLIDPLO\UHQWDOKRXVLQJGHYHORSPHQWV ORFDWHGZLWKLQWKH&LW\ 5LYHU*OHQ$SDUWPHQWV/3DQ,QGLDQDOLPLWHGSDUWQHUVKLSWREHIRUPHGE\LWVJHQHUDO SDUWQHU3HGFRU,QYHVWPHQWV//& RUDQDIILOLDWHGHQWLW\WKH³%RUURZHU´ KDVSURSRVHGWKDWWKH&LW\LVVXH LWVUHYHQXHERQGVRURWKHUREOLJDWLRQVLQWKHDSSUR[LPDWHDJJUHJDWHSULQFLSDODPRXQWRIXSWR LQRQHRUPRUHVHULHVEHDULQJLQWHUHVWDWIL[HGDQGRUYDULDEOHUDWHVWREHRIIHUHGSXEOLFO\ DQGRUSULYDWHO\SODFHG WKH³%RQGV´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³+RXVLQJ 3URJUDP´ 8QGHU6HFWLRQ 'D UHTXLUHPHQWVRI0LQQHVRWD6WDWXWHV&KDSWHURPPRQ&RXQFLOVKDOOPHHWDW 'D RIWKH&LW\DQG.HQQHG\ *UDYHQ&KDUWHUHGDFWLQJDVERQGFRXQVHOZLWKUHVSHFWWRWKH3URMHFWDQGWKH %RQGV ³%RQG&RXQVHO´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³GHPLQLPLV´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³&RXQFLO´ RIWKH&LW\RI 5RFKHVWHU0LQQHVRWD WKH³&LW\´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³6WDWH´ (PHUJHQF\0DQDJHPHQW +RPHODQG6HFXULW\DQG(PHUJHQF\0DQDJHPHQW'LYLVLRQ3HUIRUPDQFH*UDQW 0LQQHVRWD6WUHHW6XLWH 6W3DXO0LQQHVRWD*UDQW$JUHHPHQW1R $(03*52&+&, *UDQWHH*UDQW$JUHHPHQW7HUP (IIHFWLYH'DWH &LW\RI5RFKHVWHU3HUIRUPDQGDFFRPSOLVKVXFKSXUSRVHVDQGDFWLYLWLHVDVVSHFLILHGKHUHLQDQGLQWKH*UDQWHH¶VDSSURYHG (PHUJHQF\0DQDJHPHQW3HUIRUPDQFH*UDQW$SSOLFDWLRQ ³$SSOLFDWLRQ´ ZKLFKLVLQFRUSRUDWHGE\UHIHUHQFH LQWRWKLVJUDQWDJUHHPHQWDQGRQILOHZLWKWKH6WDWHDW+RPHODQG6HFXULW\DQG(PHUJHQF\0DQDJHPHQW'LYLVLRQ 0LQQHVRWD6WUHHW6XLWH6W3DXO0LQQHVRWD7KH*UDQWHHVKDOODOVRFRPSO\ZLWKDOOUHTXLUHPHQWV UHIHUHQFHGLQWKH(PHUJHQF\0DQDJHPHQW3HUIRUPDQFH*UDQW*XLGHOLQHVDQG$SSOLFDWLRQZKLFKLQFOXGHV WKH7HUPVDQG&RQGLWLRQVDQG*UDQW3URJUDP*XLGHOLQHV KWWSVDSSGSVPQJRY(*UDQWV ZKLFKDUH LQFRUSRUDWHGE\UHIHUHQFHLQWRWKLVJUDQWDJUHHPHQW [[223,2635,590,2687][11][B,I,][Times New Roman]]%XGJHW5HYLVLRQV [[591,2635,2292,2688][11][,,][FEF9C62A0C]]7KHEUHDNGRZQRIFRVWVRIWKH*UDQWHH¶V%XGJHWLVFRQWDLQHGLQ([KLELW$ZKLFKLVDWWDFK HG DQGLQFRUSRUDWHGLQWRWKLVJUDQWDJUHHPHQW$VVWDWHGLQWKH*UDQWHH¶V$SSOLFDWLRQDQG*UDQW3URJUDP*XLGHOLQHV WKH*UDQWHHZLOOVXEPLWDZULWWHQFKDQJHUHTXHVWIRUDQ\VXEVWLWXWLRQRIEXGJHWLWHPVRUDQ\GHYLDWLRQDQGLQ DFFRUGDQFHZLWKWKH*UDQW3URJUDP*XLGHOLQHV5HTXHVWVPXVWEHDSSURYHGSULRUWRDQ\H[SHQGLWXUHE\WKH *UDQWHH [[223,2952,697,3004][11][B,I,][Times New Roman]]0DWFKLQJ5HTXLUHPHQWV [[698,2952,721,3005][11][,,][Times New Roman]] [[721,2952,856,3005][11][,,][Times New Roman]] ,IDSSO [[857,2952,2250,3005][11][,,][FEF9C62A0C]]LFDEOH $VVWDWHGLQWKH*UDQWHH¶V$SSOLFDWLRQWKH*UDQWHHFHUWLILHVWKDWWKH PDWFKLQJUHTXLUHPHQWZLOOEHPHWE\WKH*UDQWHH [[225,3058,237,3110][11][B,I,][Times New Roman]] 3DFNHW3J 'D *UDQW$JUHHPHQW 3DJHRI [[222,402,392,454][11][B,I,][Times New Roman]]3D\PHQW [[429,402,868,455][11][,,][Times New Roman]]$VVWDWHGLQWKH*UDQWHH [[870,402,881,455][11][,,][FEF9C62A0C]]¶ [[885,402,1131,455][11][,,][Times New Roman]]V$SSOLFDWLRQ [[1131,402,1143,455][11][,,][Times New Roman]] [[1142,402,1679,455][11][,,][Times New Roman]]DQG*UDQW3URJUDP*XLGDQFH [[1680,402,2281,455][11][,,][Times New Roman]]WKH6WDWHZLOOSURPSWO\SD\WKH *UDQWHHDIWHUWKH*UDQWHHSUHVHQWVDQLQYRLFHIRUWKHVHUYLFHVDFWXDOO\SHUIRUPHGDQGWKH6WDWH V$XWKRUL]HG 5HSUHVHQWDWLYHDFFHSWVWKHLQYRLFHGVHUYLFHVDQGLQDFFRUGDQFHZLWKWKH*UDQW3URJUDP*XLGHOLQHV3D\PHQW ZLOOQRWEHPDGHLIWKH*UDQWHHKDVQRWVDWLVILHGUHSRUWLQJUHTXLUHPHQWV [[225,665,879,717][11][B,I,][Times New Roman]]&HUWLILFDWLRQ5HJDUGLQJ/REE\LQJ [[880,665,903,718][11][,,][Times New Roman]] [[903,665,1198,718][11][,,][Times New Roman]] ,IDSSOLFDEOH [[1198,665,2240,718][11][,,][Times New Roman]]*UDQWHHVUHFHLYLQJIHGHUDOIXQGVRYHUPXVW FRPSOHWHDQGUHWXUQWKH&HUWLILFDWLRQ5HJDUGLQJ/REE\LQJIRUPSURYLGHGE\WKH6WDWHWRWKH*UDQWHH (1&80%5$1&(9(5,),&$7,2167$7($*(1&< [[298,918,1053,958][8][,I,][Times New Roman]],QGLYLGXDOFHUWLILHVWKDWIXQGVKDYHEHHQHQFXPEHUHGDV [[1054,918,1063,958][8][,I,][Times New Roman]] %\BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB [[300,960,618,1000][8][,I,][Times New Roman]]UHTXLUHGE\0LQQ6WDW [[656,960,665,1000][8][,I,][Times New Roman]] [[664,960,931,1000][8][,I,][Times New Roman]]$DQG& [[619,961,657,1000][8][,I,][Arial]] [[932,961,941,1000][8][,,][Times New Roman]] ZLWKGHOHJDWHGDXWKRULW\ 6LJQHGBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB7LWOHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 'DWHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB'DWHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB *UDQW$JUHHPHQW1R$(03*52&+&,32 *5$17(( [[225,1464,927,1504][8][,I,][Times New Roman]]7KH*UDQWHHFHUWLILHVWKDWWKHDSSURSULDWHSHUVRQ V [[928,1464,937,1504][8][,I,][Times New Roman]] [[225,1502,1034,1542][8][,I,][Times New Roman]]KDYHH[HFXWHGWKHJUDQWDJUHHPHQWRQEHKDOIRIWKH*UDQWHH [[1034,1502,1043,1542][8][,I,][Times New Roman]] [[1125,1502,1134,1542][8][,I,][Times New Roman]] [[1275,1502,1284,1542][8][,I,][Times New Roman]] [[1350,1502,1359,1542][8][,I,][Times New Roman]] [[225,1541,1159,1581][8][,I,][Times New Roman]]DVUHTXLUHGE\DSSOLFDEOHDUWLFOHVE\ODZVUHVROXWLRQVRURUGLQDQFHV [[1161,1541,1170,1581][8][,I,][Times New Roman]] %\BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 7LWOHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 'DWHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB %\BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 'LVWULEXWLRQ'36)$6 7LWOHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB *UDQWHH 6WDWH¶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³&RQWUDFWRU´ DQG $VVRFLDWHV,QF D0LQQHVRWDFRUSRUDWLRQ KHUHLQDIWHUUHIHUUHGWRDV³'HVLJQ(QJLQHHU´ DQGWRJHWKHU WKH2ZQHU&RQWUDFWRUDQG'HVLJQ(QJLQHHUVKDOOKHUHLQDIWHUFROOHFWLYHO\EHUHIHUUHGWRDVWKH3DUWLHVXQGHU WKHJHQHUDOWHUPVDQGFRQGLWLRQVRIWKLVDJUHHPHQW :,71(66(7+7+$7:+(5($6 2ZQHUKDVUHTXHVWHGSHUPLVVLRQWRDWLWVRZQH[SHQVHFRQVWUXFWSXEOLFLQIUDVWUXFWXUHRU SHUIRUPRWKHUSULYDWHZRUNZLWKLQWKHSXEOLFULJKWRIZD\RUSXEOLFHDVHPHQWVO\LQJZLWKLQRU 1RUWK6XPPLW DEXWWLQJSURSHUW\EHLQJSODWWHGDVDFFRUGLQJWRWKHDSSURYHGSODQVDQG ³ 3XEOLF VSHFLILFDWLRQVWKHUHRISUHSDUHGE\'HVLJQ(QJLQHHUJHQHUDOO\UHIHUUHGWRDV ,PSURYHPHQWVWR6HUYH1RUWK6XPPLW±-´ WKHFRYHUVKHHWGHSLFWHGIRUUHIHUHQFHDV DWWDFKHG([KLELWµ$¶DQGKHUHLQDIWHUUHIHUUHGWRDVWKH3URMHFW &LW\LVZLOOLQJWRJUDQW2ZQHUSHUPLVVLRQWRSHUIRUPWKHSXEOLFLPSURYHPHQWVZRUNIRUWKH 3URMHFWXWLOL]LQJ&RQWUDFWRUDWLWVRZQFRVWDQGH[SHQVH XQOHVVRWKHUZLVHVSHFLILFDOO\QRWHG KHUHLQ DQGVXEMHFWWRWKHWHUPVDQGFRQGLWLRQVKHUHLQLQFOXGLQJIXOOFRPSOLDQFHZLWKWKH DSSURYHG&LYLO&RQVWUXFWLRQ3ODQVIRUWKH3URMHFW KHUHLQDIWHU3URMHFW3ODQV DQGDGKHUHQFHWR WKH&LW\¶V6WDQGDUG'HVLJQ6SHFLILFDWLRQV 12:7+(5()25(LWLVKHUHE\PXWXDOO\DJUHHGEHWZHHQ&LW\DQG3DUWLHVDVIROORZV ,2:1(563(&,),&2%/,*$7,216 /RZHOO3HQ] D DV2ZQHU¶VUHSUHVHQWDWLYHVKDOOEHWKH3URMHFW0DQDJHUIRUWKH3URMHFW7KH 3URMHFW0DQDJHULVUHVSRQVLEOHIRUDOOFRRUGLQDWLRQRIWKHZRUNHOHPHQWVLQFOXGLQJ3URMHFW FORVHRXW :6% E 2ZQHUKDVE\VHSDUDWHGRFXPHQWUHWDLQHGWKHSURIHVVLRQDOVHUYLFHVRI $VVRFLDWHV,QF D0LQQHVRWDFRUSRUDWLRQ KHUHLQDIWHU³*HRWHFKQLFDO3URIHVVLRQDO´ WR SUHSDUHD*HRWHFKQLFDO5HSRUW KHUHLQDIWHU³5HSRUW´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¶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³2EVHUYDWLRQ 2YHUVLJKW(QJLQHHU´ KDVEHHQUHWDLQHGE\&LW\WKURXJKDVHSDUDWH DUUDQJHPHQWWRSHUIRUPFRQVWUXFWLRQREVHUYDWLRQDQGRYHUVLJKWIRUWKH3URMHFW&RQFXUUHQW ZLWK2ZQHU¶VH[HFXWLRQRIWKLV&RQWUDFW2ZQHUVKDOOSD\WR&LW\WKHDPRXQWRI UHSUHVHQWLQJ2ZQHU¶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¶VFRQILUPDWLRQWKDWDOODSSOLFDEOH H[SHQVHVLQFXUUHGE\2EVHUYDWLRQ 2YHUVLJKW(QJLQHHUKDYHEHHQFODLPHGYHULILHGDQG SDLGE\&LW\ I 2ZQHUVKDOOQRWSURYLGHZRUNGLUHFWLRQRULQWHUIHUHZLWK2EVHUYDWLRQ 2YHUVLJKW(QJLQHHU SHUIRUPLQJLWVGXWLHVUHODWHGWRWKH3URMHFW,QWKHHYHQW2ZQHUKDVDQ\FRQFHUQVUHJDUGLQJ 2EVHUYDWLRQ 2YHUVLJKW(QJLQHHU¶VGXWLHV2ZQHUVKDOOFRPPXQLFDWHGLUHFWO\ZLWKWKH&LW\ (QJLQHHURUKLVKHUGHVLJQHHWRUHVROYHDQ\FRQFHUQV J 'HYHORSPHQW&KDUJH2EOLJDWLRQV2ZQHUVKDOOSD\DOOGHYHORSPHQWUHODWHGFKDUJHV DSSOLFDEOHWRWKH3URSHUW\FRQVLVWHQWZLWKWKHWHUPVRIWKH'HYHORSPHQW$JUHHPHQWZKHUH DSSOLFDEOHDQG&LW\SROLFLHV K )DLOXUHWRGRHYHU\WKLQJUHTXLUHGE\WKLVDJUHHPHQWPD\EHXVHGDVDEDVLVIRUGHQ\LQJ 2ZQHUWKHRSSRUWXQLW\WRSHUIRUPRWKHUSURMHFWVZLWKLQWKH&LW\ L 8QOHVVDOOSXEOLFGUDLQDJH XWLOLW\HDVHPHQWVDQGULJKWRIZD\KDYHSUHYLRXVO\EHHQ GHGLFDWHGIRUDOOSXEOLFLQIUDVWUXFWXUHIRUWKH3URMHFW2ZQHUVKDOOGHGLFDWHDOOHDVHPHQWV DWQRFRVWWR&LW\FRQFXUUHQWZLWKH[HFXWLRQRIWKLV&RQWUDFWE\2ZQHU2ZQHUVKDOOSURYLGH &LW\DOHJDOGHVFULSWLRQDQGH[KLELWGUDZLQJ SUHSDUHGE\DTXDOLILHGSURIHVVLRQDO IRUVDLG HDVHPHQWVDQGVKDOOSD\&LW\DVWDQGDUGGRFXPHQWSUHSDUDWLRQDQGUHFRUGLQJIHH ,,&2175$&725¶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¶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¶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¶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¶V6WDQGDUGVIRU6WUHHWDQG 8WLOLW\&RQVWUXFWLRQLQHIIHFWDWWKHWLPHRIFRQWUDFWH[HFXWLRQDOORIZKLFKDUHLQFRUSRUDWHG KHUHLQE\UHIHUHQFH:RUNVKDOOQRWFRPPHQFHRQWKH3URMHFWXQWLOWKHFLYLOFRQVWUXFWLRQ SODQVDQG*UDGLQJ3ODQVKDYHEHHQDSSURYHGDQGWKHDSSURYHGSODQVDQGVSHFLILFDWLRQV IRUWKH3URMHFWDUHRQILOHZLWKWKH&LW\(QJLQHHU$QRQVLWHPHHWLQJEHWZHHQWKH2ZQHU &RQWUDFWRU'HVLJQ(QJLQHHU2EVHUYDWLRQ 2YHUVLJKW(QJLQHHUDQGWKH&LW\¶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¶V$FFHSWDQFHRIWKHZRUNVKDOOEHPHPRULDOL]HGE\WKH &LW$QJLQHHU¶VH[HFXWLRQRIDVHSDUDWH&LW\$FFHSWDQFH DQH[DPSOH$FFHSWDQFHLV SURYLGHGIRUUHIHUHQFHRQWKHDWWDFKHG([KLELW &LW\(QJLQHHUPD\DFFHSWWKH2ZQHU¶V 'HVLJQ(QJLQHHU¶VRU&RQWUDFWRU¶VZRUNLQGHSHQGHQWRIWKHFRPSOHWLRQRIWKHUHPDLQLQJ SDUWLHV¶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¶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¶VIHHV 7KH2ZQHUDQG&RQWUDFWRUDJUHHWRGHIHQGLQGHPQLI\DQGKROGKDUPOHVVWKH&LW\DQGLWV RIILFLDOVRIILFHUVDJHQWVDQGHPSOR\HHVIURPDOOFODLPVEURXJKWE\WKHHPSOR\HHVRU DJHQWVRIWKH2ZQHUDQG&RQWUDFWRURULWVVXEFRQWUDFWRUVDULVLQJRXWRIRUDVDUHVXOWRI DQ\QHJOLJHQWRURWKHUZLVHWRUWLRXVDFWRUIDLOXUHWRDFWLQFRQQHFWLRQZLWKWKHSHUIRUPDQFH RIWKHZRUNWREHSHUIRUPHGSXUVXDQWWRWKLVFRQWUDFWE\WKH2ZQHUDQG&RQWUDFWRULWV HPSOR\HHVDJHQWVDQGVXEFRQWUDFWRUV7KH2ZQHUDQG&RQWUDFWRUDJUHHWRGHIHQGDQG SD\DOOFRVWVLQGHIHQGLQJWKHVHFODLPVLQFOXGLQJDWWRUQH\¶VIHHV 3DFNHW3J 'D 7KH(QJLQHHUDJUHHVWRLQGHPQLI\DQGKROGKDUPOHVVWKH&LW\LWVRIILFLDOVRIILFHUVDJHQWV DQGHPSOR\HHVIURPDOOFODLPVVXLWVRUDFWLRQVUHVXOWLQJIURPRUDULVLQJRXWRIWKHQHJOLJHQW DFWLYLWLHVRI7KH(QJLQHHURULWVVXEFRQWUDFWRUVDJHQWVRUHPSOR\HHVXQGHUWKLV DJUHHPHQW7KH(QJLQHHUDJUHHVWRUHLPEXUVHDOOFRVWVRIWKHVHFODLPVLQFOXGLQJ DWWRUQH\¶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¶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¶V$FFHSWDQFH 3DFNHW3J 'E ƌĐDĂƉƌĞĨĞƌĞŶĐĞĚƌĂǁŝŶŐƐŚŽǁŝŶŐůŽĐĂƚŝŽŶŽĨEŽƌƚŚ^ƵŵŵŝƚĨŽƌͲKŽŶƚƌĂĐƚ:ϱϰϮϵ ZĞĨĞƌĞŶĐĞĚƌĂǁŝŶŐƐŚŽǁŝŶŐEŽƌƚŚ^ƵŵŵŝƚͲKŽŶƚƌĂĐƚ:ϱϰϮϵ 3DFNHW3J 'F ŝƚǇŽĨZŽĐŚĞƐƚĞƌ KEdZd&KZWZK&^^/KE>d,E/>^Zs/^ ŝƚǇKǁŶĞƌWƌŽũĞĐƚdŝƚůĞ͗EŽƌƚŚ^Ƶŵŵŝƚ WƌŽũĞĐƚEƵŵďĞƌ͗ϱϰϮϵDϭϲͲϬϮ ĐĐŽƵŶƚŝŶŐ/ŶĨŽƌŵĂƚŝŽŶ͗ dŚŝƐŽŶƚƌĂĐƚŝƐďĞƚǁĞĞŶƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌ͕DE;/dzͿĂŶĚ͕Ă ;͞E'/EZ͟Ϳ͖ ĚĚƌĞƐƐ͗ t,Z^͕/dzĚŽĞƐŶŽƚŚĂǀĞĂǀĂŝůĂďůĞŶĞĐĞƐƐĂƌǇĂŶĚͬŽƌƋƵĂůŝĨŝĞĚƉĞƌƐŽŶŶĞůƚŽĐŽŶĚƵĐƚƚŚĞƐĞƌǀŝĐĞƐĂƐĚĞƐĐƌŝďĞĚ ŚĞƌĞŝŶ͖ĂŶĚ t,Z^͕E'/EZƌĞƉƌĞƐĞŶƚƐƚŚĂƚŝƚŝƐƋƵĂůŝĨŝĞĚ;ƉĞƌƋƵĂůŝĨŝĐĂƚŝŽŶŝŶŝƚǇ^ƉĞĐϭϬϭϰ͘ϯͿĂŶĚĂŐƌĞĞƐƚŽƉĞƌĨŽƌŵĂůů ƐĞƌǀŝĐĞƐĚĞƐĐƌŝďĞĚŝŶƚŚŝƐŽŶƚƌĂĐƚĐŽŶƐŝƐƚĞŶƚǁŝƚŚŝƚǇ^ƉĞĐϭϬϭϰ͘ϯ͘ t,Z^͕ƚŚĞǁŽƌŬƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚƐƵƉƉŽƌƚƐƚŚĞŝƚǇKǁŶĞƌWƌŽũĞĐƚƌĞĨĞƌĞŶĐĞĚĂďŽǀĞƚŚĂƚ;ĚĞƐĐƌŝďĞƉƵďůŝĐ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞĞůĞŵĞŶƚƐŝŶĐůƵĚĞĚͿ͘ EKt͕d,Z&KZŝƚŝƐĂŐƌĞĞĚƚŚĂƚE'/EZǁŝůůƉĞƌĨŽƌŵƚŚĞǁŽƌŬƵŶĚĞƌƚŚŝƐŽŶƚƌĂĐƚĂŵĂŶŶĞƌĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞ ^ƉĞĐŝĂůĂŶĚ'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐĂŶĚĂŶǇŽƚŚĞƌĐŽŶĚŝƚŝŽŶƐǁŚŝĐŚĂƌĞĂƚƚĂĐŚĞĚŚĞƌĞƚŽĂŶĚŝŶĐŽƌƉŽƌĂƚĞĚŚĞƌĞŝŶ͘ ĨĨĞĐƚŝǀĞĂƚĞ͗ǆƉŝƌĂƚŝŽŶĂƚĞ͗ /Et/dE^^t,ZK&͕ƚŚĞƉĂƌƚŝĞƐŚĂǀĞĞǆĞĐƵƚĞĚƚŚŝƐĐŽŶƚƌĂĐƚŝŶƚĞŶĚŝŶŐƚŽďĞďŽƵŶĚ͘ E'/EZ Ǉ͗ͺĂƚĞ͗ dŝƚůĞ͗ dŚŝƐŝŶƐƚƌƵŵĞŶƚǁĂƐĂĐŬŶŽǁůĞĚŐĞĚďĞĨŽƌĞŵĞƚŚŝƐĚĂǇŽĨϮϬ͕ďǇ ;EĂŵĞͿ ƚŚĞŽĨ͕Ă͕ǁŚŽŝƐĂƵƚŚŽƌŝǌĞĚ ĂŶĚǁŚŽƐŝŐŶƐŽŶďĞŚĂůĨŽĨƚŚĞ͘ ΀EŽƚĂƌǇ^ĞĂů΁ EKdZzWh>/ /dzK&ZK,^dZ Ǉ͗ĂƚĞ͗ŶĚǇ͗ĂƚĞ͗ ƌĚĞůů&͘ƌĞĚĞ͕DĂǇŽƌĂƌŽŶ^͘ZĞĞǀĞƐ͕ůĞƌŬ dŚŝƐŝŶƐƚƌƵŵĞŶƚǁĂƐĂĐŬŶŽǁůĞĚŐĞĚďĞĨŽƌĞŵĞƚŚŝƐĚĂǇŽĨϮϬ͕ďǇƌĚĞůů&͘ƌĞĚĞĂŶĚĂƌŽŶ^͘ZĞĞǀĞƐ͕ƚŚĞ ŵĂǇŽƌĂŶĚĐŝƚǇĐůĞƌŬƌĞƐƉĞĐƚŝǀĞůǇŽĨƚŚĞŝƚǇŽĨZŽĐŚĞƐƚĞƌ͕ĂDŝŶŶĞƐŽƚĂŵƵŶŝĐŝƉĂůĐŽƌƉŽƌĂƚŝŽŶ͕ĨŽƌĂŶĚŽŶďĞŚĂůĨŽĨƚŚĞ ĐŽƌƉŽƌĂƚŝŽŶ͘ ΀EŽƚĂƌǇ^ĞĂů΁ EKdZzWh>/ 3DFNHW3J 'F ^W/>KE/d/KE^ dZDK&KEdZd Zd/>ϭ ĨĨĞĐƚŝǀĞĂƚĞ͗ ǆƉŝƌĂƚŝŽŶĂƚĞ͗ ^KWK&tKZ< Zd/>Ϯ ͘ĞƚĂŝůĞĚ^ĐŽƉĞŽĨtŽƌŬ͗^ĞĞƚƚĂĐŚĞĚdĂƐŬͬ^ĐŽƉĞ>ŝƐƚĨƌŽŵE'/EZ͘ ͘'ĞŶĞƌĂůŽŶĚŝƚŝŽŶƐ͗^ĞĞƚƚĂĐŚĞĚ KE^/Zd/KEK&WzDEd Zd/>ϯ ŽŶƐŝĚĞƌĂƚŝŽŶĨŽƌĂůůƐĞƌǀŝĐĞƐƉĞƌĨŽƌŵĞĚďǇE'/EZ͕ĂƐĚĞĨŝŶĞĚďǇƚŚŝƐĐŽŶƚƌĂĐƚ͕ǁŝůůďĞƉĂŝĚďǇ/dzŽŶĂŶ ŚŽƵƌůǇ͕ĨĞĞƐĐŚĞĚƵůĞďĂƐŝƐ͕ĨŽƌƚŚĞĨŽůůŽǁŝŶŐŝƚĞŵƐ͗ E'/EZ^ĞƌǀŝĐĞƐ͗ŽŶƐƚƌƵĐƚŝŽŶKďƐĞƌǀĂƚŝŽŶƐͬ /ŶƐƉĞĐƚŝŽŶ ^ŝƚĞůĞĂƌŝŶŐΘ'ƌƵďďŝŶŐ 'ĞŶĞƌĂů^ŝƚĞŐƌĂĚŝŶŐΘĞǆĐĂǀĂƚŝŽŶ ϯϵϮΨϰϭ͕ϭϲϬ͘ϬϬ hŶĚĞƌŐƌŽƵŶĚƵƚŝůŝƚǇtŽƌŬ ϰϵΨϱ͕ϭϰϱ͘ϬϬ dƌĞŶĐŚĐŽŵƉĂĐƚŝŽŶƚŽϮĨƚ͘ŽǀĞƌƉŝƉĞ ϰϵΨϱ͕ϭϰϱ͘ϬϬ dƌĞŶĐŚĐŽŵƉĂĐƚŝŽŶϮĨƚ͘ŽǀĞƌƉŝƉĞƚŽƐƵƌĨĂĐĞ ϭϯϬΨϭϯ͕ϲϱϬ͘ϬϬ ^ƚƌĞĞƚ^ƵďŐƌĂĚĞWƌĞƉĂƌĂƚŝŽŶͬŽŵƉĂĐƚŝŽŶ ϱϬΨϱ͕ϮϱϬ͘ϬϬ ŐŐƌĞŐĂƚĞĂƐĞWůĂĐĞŵĞŶƚ ϭϬΨϭ͕ϬϱϬ͘ϬϬ ŐŐƌĞŐĂƚĞĂƐĞĐŽŵƉĂĐƚŝŽŶͬƉƌŽŽĨƌŽůůƚĞƐƚ ϭϬΨϭ͕ϬϱϬ͘ϬϬ ƵƌďΘ'ƵƚƚĞƌƐƚƌŝŶŐůŝŶĞĐŚĞĐŬͬǀĞƌŝĨŝĐĂƚŝŽŶ ϭϱΨϭ͕ϱϳϱ͘ϬϬ Ƶƌďͬ'ƵƚƚĞƌƉŽƵƌŝŶŐ ϭϬΨϭ͕ϬϱϬ͘ϬϬ ŝƚƵŵŝŶŽƵƐŶŽŶͲǁĞĂƌ ϱΨϱϮϱ͘ϬϬ ŝƚƵŵŝŶŽƵƐŶŽŶͲǁĞĂƌƉƌŝŽƌƚŽǁĞĂƌ ϮϬΨϮ͕ϭϬϬ͘ϬϬ ŝƚƵŵŝŶŽƵƐǁĞĂƌƉůĂĐĞŵĞŶƚ ϬΨϬ ŽŶĐƌĞƚĞƐƚƌĞĞƚƉůĂĐĞŵĞŶƚ ϯϬΨϯ͕ϭϱϬ͘ϬϬ ůůƌĞƋƵŝƌĞĚƐƚĂŐĞƚĞƐƚŝŶŐŽĨƉŝƉŝŶŐ͕ƐƵďŐƌĂĚĞ͕ďĂƐĞ ĂŶĚƉĂǀŝŶŐ ϲϱΨϲ͕ϴϮϱ͘ϬϬ ŽŵƉůĞƚŝŽŶĂŶĚƐƵďŵŝƐƐŝŽŶŽĨZĞĐŽƌĚƌĂǁŝŶŐƐ KƚŚĞƌĐƚŝǀŝƚŝĞƐ ;ƌŽƐŝŽŶŽŶƚƌŽů͕WƵŶĐŚůŝƐƚ͕tĂƌƌĂŶƚǇͿϭϯϮΨϭϯ͕ϴϲϬ͘ϬϬ dKd>KEdZdΨϭϬϭ͕ϱϯϱ͘ϬϬ DKhEd͗ E'/EZ͛^WZ^KEE> Zd/>ϰ E'/EZ<ĞǇWĞƌƐŽŶŶĞů͗ EĂŵĞ͗ĂŶĞŵŬĞdŝƚůĞ͗WƌŽũĞĐƚŶŐŝŶĞĞƌ ĚĚƌĞƐƐ͗ϭϲϰϴdŚŝƌĚǀĞ^͕ZŽĐŚĞƐƚĞƌ͕DEϱϱϵϬϰWŚŽŶĞ͗ϱϬϳͲϮϭϴͲϯϯϲϵ ŵĂŝů͗ĚǌĞŵŬĞΛǁƐďĞŶŐ͘ĐŽŵZĞƐƉŽŶƐŝďŝůŝƚǇ͗ĞƐŝŐŶŶŐŝŶĞĞƌ E'/EZƐŚĂůůŶŽƚŝĨǇƚŚĞ/dzŝĨĂŶǇĐŚĂŶŐĞŝŶ<ĞǇWĞƌƐŽŶŶĞůŽĐĐƵƌƐĚƵƌŝŶŐƚŚĞĐŽŶƚƌĂĐƚƚĞƌŵ͘ /dz͛^hd,KZ/'EdͬWZK:dDE'Z Zd/>ϱ /dz͛^ƵƚŚŽƌŝǌĞĚŐĞŶƚ͕ŽƌWƌŽũĞĐƚDĂŶĂŐĞƌǁŝůůďĞ͗ EĂŵĞ͗:ŽŚŶtĞůůŶĞƌdŝƚůĞ͗/ŶĨƌĂƐƚƌƵĐƚƵƌĞDŐƌ͘ ϱϱϵϬϰWŚŽŶĞ͗;ϱϬϳͿϯϮϴͲϮϰϮϮ ƚŚ ĚĚƌĞƐƐ͗ϮϬϭϰ^ƚƌĞĞƚ^͕͘͘ZŵϭϬϴ͕ZŽĐŚĞƐƚĞƌ͕DE ŵĂŝů͗ũǁĞůůŶĞƌΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀZĞƐƉŽŶƐŝďŝůŝƚǇ͗WƌŽũĞĐƚDŐƌ͘ /dz͛^ƵƚŚŽƌŝǌĞĚŐĞŶƚǁŝůůŚĂǀĞĂƵƚŚŽƌŝƚǇƚŽĂĐĐĞƉƚŽƌƌĞũĞĐƚE'/EZƐƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐ͘/ĨƐƵĐŚ ƐĞƌǀŝĐĞƐĂŶĚĚĞůŝǀĞƌĂďůĞƐĂƌĞĂĐĐĞƉƚĂďůĞĂŶĚƐĂƚŝƐĨĂĐƚŽƌǇ͕ƚŚĞ/dz͛^ƵƚŚŽƌŝǌĞĚŐĞŶƚǁŝůůĐĞƌƚŝĨǇĞĂĐŚŝŶǀŽŝĐĞ ƐƵďŵŝƚƚĞĚĨŽƌƉĂǇŵĞŶƚďǇƚŚĞŶŐŝŶĞĞƌ͘ 3DFNHW3J ' 5(48(67)25&281&,/$&7,21 0((7,1*'$7( 'D &,7<2:1(5&2175$&7 &LW\RI 7+,6$*5((0(17PDGHWKLVBBBBBBBGD\RIBBBBBBBBBBBBBBBEHWZHHQWKH 5RFKHVWHU$)/LPLWHG D0LQQHVRWDPXQLFLSDOFRUSRUDWLRQ KHUHLQDIWHUUHIHUUHGWRDV&LW\ DQG 3DUWQHUVKLS)UDVHU D0LQQHVRWDOLPLWHGSDUWQHUVKLS KHUHLQDIWHUUHIHUUHGWRDV2ZQHU DQG &RQVWUXFWLRQ&R,QF6KRUW(OOLRW D0LQQHVRWDFRUSRUDWLRQ KHUHLQDIWHUUHIHUUHGWRDV³&RQWUDFWRU´ DQG +HQGULFNVRQ,QF D0LQQHVRWDFRUSRUDWLRQ KHUHLQDIWHUUHIHUUHGWRDV³'HVLJQ(QJLQHHU´ DQGWRJHWKHU WKH2ZQHU&RQWUDFWRUDQG'HVLJQ(QJLQHHUVKDOOKHUHLQDIWHUFROOHFWLYHO\EHUHIHUUHGWRDVWKH3DUWLHVXQGHU WKHJHQHUDOWHUPVDQGFRQGLWLRQVRIWKLVDJUHHPHQW :,71(66(7+7+$7:+(5($6 VW 2ZQHULVGHYHORSLQJUHDOSURSHUW\LQWKH&LW\RI5RFKHVWHUFRPPRQO\UHIHUUHGWRDVWKH $YHQXH)ODWV KHUHLQDIWHUUHIHUUHGWRDVWKH³3URSHUW\´ 2ZQHUKDVUHTXHVWHGSHUPLVVLRQWRDWLWVRZQH[SHQVHFRQVWUXFWSXEOLFLQIUDVWUXFWXUHRU SHUIRUPRWKHUSULYDWHZRUNZLWKLQWKHSXEOLFULJKWRIZD\RUSXEOLFHDVHPHQWVO\LQJZLWKLQRU DEXWWLQJVDLG3URSHUW\DFFRUGLQJWRWKHDSSURYHGSODQVDQGVSHFLILFDWLRQVWKHUHRISUHSDUHGE\ ³ 3XEOLF6WRUP6HZHUWR6HUYHVW$YHQXH)ODWV± 'HVLJQ(QJLQHHUJHQHUDOO\UHIHUUHGWRDV -´ WKHFRYHUVKHHWGHSLFWHGIRUUHIHUHQFHDVDWWDFKHG([KLELWµ$¶DQGKHUHLQDIWHU UHIHUUHGWRDVWKH3URMHFW &LW\LVZLOOLQJWRJUDQW2ZQHUSHUPLVVLRQWRSHUIRUPWKHSXEOLFLPSURYHPHQWVZRUNIRUWKH 3URMHFWXWLOL]LQJ&RQWUDFWRUDWLWVRZQFRVWDQGH[SHQVH XQOHVVRWKHUZLVHVSHFLILFDOO\QRWHG KHUHLQ DQGVXEMHFWWRWKHWHUPVDQGFRQGLWLRQVKHUHLQLQFOXGLQJIXOOFRPSOLDQFHZLWKWKH DSSURYHG&LYLO&RQVWUXFWLRQ3ODQVIRUWKH3URMHFW KHUHLQDIWHU3URMHFW3ODQV DQGDGKHUHQFHWR WKH&LW\¶V6WDQGDUG'HVLJQ6SHFLILFDWLRQV 12:7+(5()25(LWLVKHUHE\PXWXDOO\DJUHHGEHWZHHQ&LW\DQG3DUWLHVDVIROORZV 2:1(563(&,),&2%/,*$7,216 , -RH:HLV D DV2ZQHU¶VUHSUHVHQWDWLYHVKDOOEHWKH3URMHFW0DQDJHUIRUWKH3URMHFW7KH 3URMHFW0DQDJHULVUHVSRQVLEOHIRUDOOFRRUGLQDWLRQRIWKHZRUNHOHPHQWVLQFOXGLQJ3URMHFW FORVHRXW :6% E 2ZQHUKDVE\VHSDUDWHGRFXPHQWUHWDLQHGWKHSURIHVVLRQDOVHUYLFHVRI $VVRFLDWHV,QF D0LQQHVRWDFRUSRUDWLRQ KHUHLQDIWHU³*HRWHFKQLFDO3URIHVVLRQDO´ WR SUHSDUHD*HRWHFKQLFDO5HSRUW KHUHLQDIWHU³5HSRUW´ IRUWKH3URMHFW2ZQHULVREOLJDWHG WRPDNHWKHUHVXOWVRIVDLG5HSRUWDYDLODEOHWRWKH&LW\DQGLWVGHVLJQHHVIRUWKHSXUSRVHRI HYDOXDWLQJWKHGHVLJQRIWKH3URMHFWHOHPHQWV 3DFNHW3J 'D $XJXVW F 2ZQHUVKDOORYHUVHHWKH&RQWUDFWRU¶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³2EVHUYDWLRQ 2YHUVLJKW(QJLQHHU´ KDVEHHQUHWDLQHGE\&LW\WKURXJKDVHSDUDWH DUUDQJHPHQWWRSHUIRUPFRQVWUXFWLRQREVHUYDWLRQDQGRYHUVLJKWIRUWKH3URMHFW&RQFXUUHQW ZLWK2ZQHU¶VH[HFXWLRQRIWKLV&RQWUDFW2ZQHUVKDOOSD\WR&LW\WKHDPRXQWRI UHSUHVHQWLQJ2ZQHU¶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¶VFRQILUPDWLRQWKDWDOODSSOLFDEOHH[SHQVHVLQFXUUHGE\2EVHUYDWLRQ 2YHUVLJKW (QJLQHHUKDYHEHHQFODLPHGYHULILHGDQGSDLGE\&LW\ H 2ZQHUVKDOOQRWSURYLGHZRUNGLUHFWLRQRULQWHUIHUHZLWK2EVHUYDWLRQ 2YHUVLJKW(QJLQHHU SHUIRUPLQJLWVGXWLHVUHODWHGWRWKH3URMHFW,QWKHHYHQW2ZQHUKDVDQ\FRQFHUQVUHJDUGLQJ 2EVHUYDWLRQ 2YHUVLJKW(QJLQHHU¶VGXWLHV2ZQHUVKDOOFRPPXQLFDWHGLUHFWO\ZLWKWKH&LW\ (QJLQHHURUKLVKHUGHVLJQHHWRUHVROYHDQ\FRQFHUQV I 'HYHORSPHQW&KDUJH2EOLJDWLRQV2ZQHUVKDOOSD\DOOGHYHORSPHQWUHODWHGFKDUJHV DSSOLFDEOHWRWKH3URSHUW\FRQVLVWHQWZLWKWKHWHUPVRIWKH'HYHORSPHQW$JUHHPHQWZKHUH DSSOLFDEOHDQG&LW\SROLFLHV J )DLOXUHWRGRHYHU\WKLQJUHTXLUHGE\WKLVDJUHHPHQWPD\EHXVHGDVDEDVLVIRUGHQ\LQJ 2ZQHUWKHRSSRUWXQLW\WRSHUIRUPRWKHUSURMHFWVZLWKLQWKH&LW\ K 8QOHVVDOOSXEOLFGUDLQDJH XWLOLW\HDVHPHQWVDQGULJKWRIZD\KDYHSUHYLRXVO\EHHQ GHGLFDWHGIRUDOOSXEOLFLQIUDVWUXFWXUHIRUWKH3URMHFW2ZQHUVKDOOGHGLFDWHDOOHDVHPHQWV DWQRFRVWWR&LW\FRQFXUUHQWZLWKH[HFXWLRQRIWKLV&RQWUDFWE\2ZQHU2ZQHUVKDOOSURYLGH &LW\DOHJDOGHVFULSWLRQDQGH[KLELWGUDZLQJ SUHSDUHGE\DTXDOLILHGSURIHVVLRQDO IRUVDLG HDVHPHQWVDQGVKDOOSD\&LW\DVWDQGDUGGRFXPHQWSUHSDUDWLRQDQGUHFRUGLQJIHH &2175$&725¶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¶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¶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¶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¶V6WDQGDUGVIRU6WUHHWDQG 8WLOLW\&RQVWUXFWLRQLQHIIHFWDWWKHWLPHRIFRQWUDFWH[HFXWLRQDOORIZKLFKDUHLQFRUSRUDWHG KHUHLQE\UHIHUHQFH:RUNVKDOOQRWFRPPHQFHRQWKH3URMHFWXQWLOWKHFLYLOFRQVWUXFWLRQ SODQVDQG*UDGLQJ3ODQVKDYHEHHQDSSURYHGDQGWKHDSSURYHGSODQVDQGVSHFLILFDWLRQV IRUWKH3URMHFWDUHRQILOHZLWKWKH&LW\(QJLQHHU$QRQVLWHPHHWLQJEHWZHHQWKH2ZQHU &RQWUDFWRU'HVLJQ(QJLQHHU2EVHUYDWLRQ 2YHUVLJKW(QJLQHHUDQGWKH&LW\¶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¶V$FFHSWDQFHRIWKHZRUNVKDOOEHPHPRULDOL]HGE\WKH &LW$QJLQHHU¶VH[HFXWLRQRIDVHSDUDWH&LW\$FFHSWDQFH DQH[DPSOH$FFHSWDQFHLV SURYLGHGIRUUHIHUHQFHRQWKHDWWDFKHG([KLELW &LW\(QJLQHHUPD\DFFHSWWKH2ZQHU¶V 'HVLJQ(QJLQHHU¶VRU&RQWUDFWRU¶VZRUNLQGHSHQGHQWRIWKHFRPSOHWLRQRIWKHUHPDLQLQJ SDUWLHV¶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¶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¶V IHHV 7KH2ZQHUDQG&RQWUDFWRUDJUHHWRGHIHQGLQGHPQLI\DQGKROGKDUPOHVVWKH&LW\DQGLWV RIILFLDOVRIILFHUVDJHQWVDQGHPSOR\HHVIURPDOOFODLPVEURXJKWE\WKHHPSOR\HHVRUDJHQWVRI WKH2ZQHUDQG&RQWUDFWRURULWVVXEFRQWUDFWRUVDULVLQJRXWRIRUDVDUHVXOWRIDQ\QHJOLJHQWRU RWKHUZLVHWRUWLRXVDFWRUIDLOXUHWRDFWLQFRQQHFWLRQZLWKWKHSHUIRUPDQFHRIWKHZRUNWREH SHUIRUPHGSXUVXDQWWRWKLVFRQWUDFWE\WKH2ZQHUDQG&RQWUDFWRULWVHPSOR\HHVDJHQWVDQG VXEFRQWUDFWRUV7KH2ZQHUDQG&RQWUDFWRUDJUHHWRGHIHQGDQGSD\DOOFRVWVLQGHIHQGLQJWKHVH FODLPVLQFOXGLQJDWWRUQH\¶VIHHV 7KH(QJLQHHUDJUHHVWRLQGHPQLI\DQGKROGKDUPOHVVWKH&LW\LWVRIILFLDOVRIILFHUVDJHQWVDQG HPSOR\HHVIURPDOOFODLPVVXLWVRUDFWLRQVUHVXOWLQJIURPRUDULVLQJRXWRIWKHQHJOLJHQWDFWLYLWLHV RI7KH(QJLQHHURULWVVXEFRQWUDFWRUVDJHQWVRUHPSOR\HHVXQGHUWKLVDJUHHPHQW7KH (QJLQHHUDJUHHVWRUHLPEXUVHDOOFRVWVRIWKHVHF ODLPVLQFOXGLQJDWWRUQH\¶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¶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¶V$FFHSWDQFH 3DFNHW3J 'E ƌĐDĂƉƌĞĨĞƌĞŶĐĞĚƌĂǁŝŶŐƐŚŽǁŝŶŐůŽĐĂƚŝŽŶŽĨϭ ƐƚǀĞŶƵĞ&ůĂƚƐĨŽƌͲKŽŶƚƌĂĐƚ:ϱϰϰϲ ZĞĨĞƌĞŶĐĞĚƌĂǁŝŶŐƐŚŽǁŝŶŐϭ ƐƚǀĞŶƵĞ&ůĂƚƐͲKŽŶƚƌĂĐƚ:ϱϰϰϲ 3DFNHW3J 3DFNHW3J 'F 3DFNHW3J 'F 3DFNHW3J 3DFNHW3J 'F 3DFNHW3J 'F 3DFNHW3J 'F 3DFNHW3J 'F 3DFNHW3J 'F 3DFNHW3J 'F 3DFNHW3J 'F 3DFNHW3J 'F 3DFNHW3J 'F 3DFNHW3J 3DFNHW3J 'F ' 5(48(67)25&281&,/$&7,21 0((7,1*'$7( HPHQWZLWK2DN9HQWXUHVRI5RFKHVWHU//&IRUUHDOSURSHUW\LQWKH&LW\RI5RFKHVWHUWKDWLVEHLQJSODWWHGDV6KDQQRQ 2DNV6L[WKDQG6HYHQWK6XEGLYLVLRQV7KH'HYHORSHUDQGWKH2ZQHUKDYHERWKH[HFXWHGWKHGRFXPHQW 3DFNHW3J 'D )2857+6833/(0(17$/$0(1'0(17 72'(9(/230(17$*5((0(17)25 6+$11212$.6 $ 7+,6$*5((0(17 LVPDGHDVRIWKLVBBBBGD\RIBBBBBBBBE\DQGEHWZHHQ 2DN9HQWXUHVRI5RFKHVWHU//& D0LQQHVRWDOLPLWHGOLDELOLW\FRPSDQ\ KHUHLQDIWHUUHIHUUHGWR &LW\RI5RFKHVWHU DV'HYHORSHU DQGWKHD0LQQHVRWDPXQLFLSDOFRUSRUDWLRQ KHUHLQDIWHU UHIHUUHGWRDVWKH³&LW\´ :+(5($6'HYHORSHULVSXUFKDVLQJIURP)LUVW&LWL]HQV1DWLRQDO%DQNUHDOSURSHUW\ ZLWKLQWKH&LW\RI5RFKHVWHUO\LQJZLWKLQDODUJHUGHYHORSPHQWFRPPRQO\UHIHUUHGWRDV 6KDQQRQ2DNVDQGVSHFLILFDOO\GHVFULEHGDV 2XWORW$6KDQQRQ2DNV7KLUG6XEGLYLVLRQ2OPVWHG&RXQW\0LQQHVRWD 7RJHWKHUZLWK 7KDWSDUWRIWKH6RXWK+DOIRIWKH1RUWKZHVW4XDUWHUDQGSDUWRIWKH 1RUWK+DOIRIWKH6RXWKZHVW4XDUWHUDOOLQ6HFWLRQ7RZQVKLS 'D WKHSODWWKHUHRIRQILOHDWVDLG&RXQW\5HFRUGHU¶VRIILFHF HQWHUHGLQWRD 'HYHORSPHQW$JUHHPHQWIRUWKH2DN9HQWXUHV3URSHUW\ ZKLFKLQFOXGHGDGGLWLRQDOODQGVZLWKLQ WKH6KDQQRQ2DNVGHYHORSPHQW UHFRUGHGDV'RFXPHQW$RQRUDERXW)HEUXDU\ LQWKHRIILFHRIWKHFRXQW\UHFRUGHU2OPVWHG&RXQW\0LQQHVRWDKHUHLQDIWHUUHIHUUHGWRDV ³$JUHHPHQW$´DQG :+(5($6WKH&LW\DQGDSUHGHFHVVRULQWLWOH $UFRQ'HYHORSPHQW,QF HQWHUHGLQWRD )LUVW6XSSOHPHQWDO$JUHHPHQWIRUWKH2DN9HQWXUHV3URSHUW\ ZKLFKLQFOXGHGDGGLWLRQDOODQGV ZLWKLQWKH6KDQQRQ2DNVGHYHORSPHQW UHFRUGHGDV'RFXPHQW$RQRUDERXW)HEUXDU\ LQWKHRIILFHRIWKHFRXQW\UHFRUGHU2OPVWHG&RXQW\0LQQHVRWDKHUHLQDIWHUUHIHUUHGWR DV³$JUHHPHQW$´DQG 3DFNHW3J 'D :+(5($6WKH&LW\DQGDSUHGHFHVVRULQWLWOH )LUVW&LWL]HQV1DWLRQDO%DQN HQWHUHG LQWRD6HFRQG6XSSOHPHQWDO$JUHHPHQWIRUWKH2DN9HQWXUHV3URSHUW\UHFRUGHGDV'RFXPHQW$ RQRUDERXW-XQHLQWKHRIILFHRIWKHFRXQW\UHFRUGHU2OPVWHG&RXQW\ 0LQQHVRWDKHUHLQDIWHUUHIHUUHGWRDV³$JUHHPHQW$´DQG :+(5($6'HYHORSHUDQG&LW\DFNQRZOHGJHWKDWDSUHGHFHVVRULQWLWOHIRUWKH2DN 9HQWXUHV3URSHUW\FRQVWUXFWHGFHUWDLQVWRUPZDWHUPDQDJHPHQWIDFLOLWLHVZLWKLQDSRUWLRQRIWKH 2DN9HQWXUHV3URSHUW\OHJDOO\GHVFULEHGDV2XWORW$6KDQQRQ2DNV7KLUG6XEGLYLVLRQDQG KHUHLQDIWHUUHIHUUHGWRDVWKH³2XWORW$)DFLOLWLHV´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³6'HYHORSPHQW3URSHUW\´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³)RXUWK6XSSOHPHQWDO $PHQGPHQWWR'HYHORSPHQW$JUHHPHQWIRU6KDQQRQ2DNV $ ´VSHFLILFWRWKH2DN 9HQWXUHV3URSHUW\ZLOOEHWRWKHPXWXDOEHQHILWRIWKH'HYHORSHU&LW\DQGDEXWWLQJSURSHUW\ RZQHUV 12:7+(5()25( LQFRQVLGHUDWLRQRIWKHPXWXDOEHQHILWVWRWKHSDUWLHVVHWIRUWK KHUHLQDQGRWKHUJRRGDQGYDOXDEOHFRQVLGHUDWLRQWKHDGHTXDF\RIZKLFKLVKHUHE\ DFNQRZOHGJHG'HYHORSHUDQG&LW\DJUHHWRWKHIROORZLQJDVLWVSHFLILFDOO\UHODWHVWRWKH2DN 9HQWXUHV3URSHUW\ 6HFWLRQ3URSHUW\'HYHORSPHQWZLWKLQ2ZQHU¶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¶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¶VUHJLRQDOVWRUPZDWHU PDQDJHPHQWV\VWHP F)RUWKHSXUSRVHVRIWKLV$JUHHPHQWWKHSKUDVH³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³2EOLJDWHG3URSHUW\´ 'HYHORSHUDFNQRZOHGJHVWKDWQRREOLJDWLRQ RUFKDUJHVIRUJHQHUDOPDLQWHQDQFHRIWKH2XWORW$)DFLOLWLHVZLOO EHDVVLJQHGWRVDLG2XWORW$6KDQQRQ2DNV7KLUG6XEGLYLVLRQRU WRODQGVWKDWDUHSODWWHGDVSDUWRI6KDQQRQ2DNV6L[WK6XEGLYLVLRQ 7KH'HYHORSHUDJUHHVWKDWLIWKH2EOLJDWHG3URSHUW\LVXQGHU PXOWLSOHRZQHUVKLSVDWWKHWLPHZRUNLVSHUIRUPHGE\WKH&LW\RULWV DJHQWWKHWRWDOREOLJDWLRQVZLOOEHUHDSSRUWLRQHGDPRQJWKHRZQHUV EDVHGRQWKHLUSURSRUWLRQDOVKDUHRUDWWKH&LW\¶VGLVFUHWLRQE\ RWKHUDOWHUQDWLYHDSSRUWLRQPHQWPXWXDOO\DJUHHGWRLQZULWLQJE\DOO RIWKHLQGLYLGXDORZQHUV YLL,QWKHHYHQWDQRZQHUEHFRPHVGHOLQTXHQWLQLWVPDLQWHQDQFH FKDUJHREOLJDWLRQVWKH&LW\LVDXWKRUL]HGWRFHUWLI\WKHXQSDLG FKDUJHVZLWKWKH2OPVWHG&RXQW\$XGLWRUIRUFROOHFWLRQZLWKWKH SURSHUW\WD[HVIRUWKH2EOLJDWHG3URSHUW\6DLGFROOHFWLRQVKDOOEH IRUDSHULRGRIRQH\HDUDQGDWDQLQWHUHVWUDWHRI)DFLOLWLHVPD\ QRWEHRIDQ\EHQHILWWRWKHSXEOLF'HYHORSHURUDEXWWLQJ SURSHUWLHVDWWKHWLPHLWLVFRQYH\HGWRWKH&LW\DQGDWWKH&LW\¶V GLVFUHWLRQVDLGVHGLPHQWUHPRYDOPD\QRWEHUHTXLUHG G'HYHORSHUDQG&LW\DJUHHWKDWDVSDUWRIWKHGHYHORSPHQWUHYLHZDQGSODWWLQJSURFHVV IRU6KDQQRQ2DNV6HYHQWK6XEGLYLVLRQ'HYHORSHUDQG&LW\ZLOODQDO\]HWKH VHGLPHQWZLWKLQWKH2XWORW$)DFLOLWLHVLQUHODWLRQWRWKHRULJLQDOGHVLJQ%DVHGRQ WKHUHVXOWVRIWKHDQDO\VLVWKH&LW\ZLOOGHWHUPLQHZKHWKHURUQRW'HYHORSHUZLOOEH UHTXLUHGWRSHUIRUPFOHDQRXWRIWKH2XWORW$)DFLOLWLHVRUZKHWKHUWKH'HYHORSHU ZLOOPDNHDPRQHWDU\FRQWULEXWLRQWRWKH&LW\EDVHGRQWKHHVWLPDWHGFRVWWRUHPRYH WKHVHGLPHQW,QWKHHYHQW'HYHORSHULVUHTXLUHGWRSHUIRUPFOHDQRXWRIWKH2XWORW$ )DFLOLWLHVVDLGFOHDQRXWVKDOOEHSHUIRUPHGDVSDUWRIWKH&LW\2ZQHU&RQWUDFWSXEOLF LPSURYHPHQWVDQGVDLG2XWORWVKDOOEHGHGLFDWHGWRWKH&LW\XSRQFRPSOHWLRQRIWKH FOHDQRXWPDLQWHQDQFH,QWKHHYHQWDPRQHWDU\FRQWULEXWLRQLVUHTXLUHGXSRQ SD\PHQW'HYHORSHUVKDOOFRQYH\2XWORW$6KDQQRQ2DNV7KLUG6XEGLYLVLRQWRWKH &LW\$IWHUGHGLFDWLRQ'HYHORSHUZLOOKDYHQRIXUWKHUREOLJDWLRQVIRUPDLQWHQDQFH RIWKH2XWORW$)DFLOLWLHVXQGHUWKHWHUPVRIWKLV$JUHHPHQW 3DFNHW3J 'D 6HFWLRQH7UDIILF,PSURYHPHQWVZLWKLQ2ZQHU¶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³$JUHHPHQW´ PDGHWKLVBBBBBGD\RI &LW\RI5RFKHVWHU BBBBBBBBBBBBBBBBBBBBBBEHWZHHQWKHD0LQQHVRWDPXQLFLSDOFRUSRUDWLRQ 1LFH5LGH0LQQHVRWD KHUHLQDIWHUUHIHUUHGWRDV&LW\DQGD0LQQHVRWDQRQSURILWFRUSRUDWLRQKHUHLQDIWHU UHIHUUHGWRDV$SSOLFDQWDQG :,71(66(7+7+$7 :+(5($6$SSOLFDQWRSHUDWHVDELNHVKDULQJV\VWHPDQGZRXOGOLNHWRSODFHDELNHUDFNDQGELNHV VW LQWKHSXEOLFULJKWRIZD\DGMDFHQWWRWKH3HRSOH¶V)RRG&RRSEXLOGLQJDW$YHQXH6:5RFKHVWHUDV GHSLFWHGRQWKHDWWDFKHGDHULDOSKRWRJUDSKLGHQWLILHGDV([KLELW$DQG 3HRSOH¶V)RRG&RRSHUDWLRQ,QF :+(5($6KHUHLQDIWHUUHIHUUHGWRDV2ZQHURZQVWKHUHDO SURSHUW\DGMDFHQWWRWKHORFDWLRQZKHUH$SSOLFDQWZRXOGOLNHWRSODFHWKHELNHUDFNDQGELNHVDQG :+(5($6WKH&LW\LVZLOOLQJWRJUDQWWKLVUHYRFDEOHSHUPLWXSRQWKHWHUPVDQGFRQGLWLRQVFRQWDLQHG KHUHLQZKLFKWHUPVDQGFRQGLWLRQVDSSO\WR$SSOLFDQW 12:7+(5()25(,7,60878$//<$*5(('E\WKH&LW\DQG$SSOLFDQWDVIROORZV 6XEMHFWWR$SSOLFDQW¶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¶VLQIUDVWUXFWXUH $SSOLFDQWVKDOOKROGWKH&LW\DQG2ZQHUKDUPOHVVE\LQVXUDQFHFRYHUDJHRUE\DJUHHPHQWDQGPXVW GHIHQGDQGLQGHPQLI\WKH&LW\DQG2ZQHUIRUDQ\DQGDOOGDPDJHVRUIURPDQ\DQGDOOFODLPVRUFDXVHV RIDFWLRQPDGHE\DQ\SDUW\UHVXOWLQJIURPWKH$SSOLFDQW¶VXVHRIWKH&LW\¶VULJKWRIZD\XQGHUWKHJUDQWRI DXWKRULW\FRQWDLQHGKHUHLQRUUHVXOWLQJIURPWKH&LW\¶VGHFLVLRQWRUHYRNHWKLVSHUPLW7KLV5HYRFDEOH 3HUPLWDQG$JUHHPHQWLVFRQGLWLRQHGXSRQ2ZQHU¶VH[HFXWLRQRIWKH&RQVHQWRI2ZQHUDWWDFKHGKHUHWR DV([KLELW&ZKLFK&RQVHQWDOORZV2ZQHUWRUHTXHVWUHPRYDORIWKHELNHUDFNDQGELNHVRQGD\V¶ QRWLFH 7KLVSHUPLWLVIRUWKHVSHFLILFELNHUDFNORFDWLRQLQFOXGHGDQGVKRZQKHUHLQ1RDGGLWLRQDOELNHUDFNV PD\EHSODFHGZLWKLQWKHULJKWRIZD\ZLWKRXWDQDPHQGPHQWWRWKLVSHUPLWRUWKHLVVXDQFHRIDGGLWLRQDO SHUPLWV UHORFDWLRQFRVWVRURWKHUGDPDJHVIURPWKH&LW\IRUUHPRYDORIWKHELNHUDFNV %\H[HFXWLQJWKLV$JUHHPHQW$SSOLFDQWDFNQRZOHGJHVLW D HQWHUVLQWRDQGH[HFXWHVWKLV$JUHHPHQW NQRZLQJO\YROXQWDULO\DQGZLOOLQJO\RILWVRZQYROLWLRQZLWKVXFKFRQVXOWDWLRQZLWKOHJDOFRXQVHODVLWGHHPV DSSURSULDWH E KDVKDGDVXIILFLHQWDPRXQWRIWLPHWRFRQVLGHUWKLV$JUHHPHQW¶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¶V)RRG&RRSHUDWLYH,QFKDUPOHVVIRUDQ\DQGDOOGDPDJHVRUIURPDQ\DQGDOOFODLPVRUFDXVHV RIDFWLRQPDGHE\DQ\SDUW\LQFOXGLQJDQ\WDNLQJVFODLPVLQDQ\DFWLRQUHVXOWLQJIURPWKHJUDQWLQJRIWKLV SHUPLWRUWKHSODFHPHQWRIWKHELNHUDFNDQGELNHVZLWKLQWKHSXEOLFULJKWRIZD\GXULQJWKHWHUPRIWKH UHYRFDEOHSHUPLWIURPWKHXQGHUVLJQHG¶VXVHRIWKH&LW\¶VULJKWRIZD\XQGHUWKHJUDQWRIDXWKRULW\ FRQWDLQHGKHUHLQRUUHVXOWLQJIURPWKH&LW\¶VGHFLVLRQWRUHYRNHWKHUHYRFDEOHSHUPLW 1LFH5LGH0LQQHVRWD %\ ,WV %\ ,WV 67$7(2)BBBBBBBBBBB 66 &2817<2)BBBBBBBBB 2QWKLVBBBGD\RIBBBBBBBBBBBBBBBBBBBBEHIRUHPHDQRWDU\SXEOLFZLWKLQDQGIRUVDLGFRXQW\ SHUVRQDOO\DSSHDUHGBBBBBBBBBBBBBBBBBBBBBBBBBBDQGBBBBBBBBBBBBBBBBBBBBBBBBWKH 1LFH5LGH BBBBBBBBBBBBBBBBBBBBBBBBBBDQGBBBBBBBBBBBBBBBBBBBBBBBBBUHVSHFWLYHO\RI 0LQQHVRWD D0LQQHVRWDQRQSURILWFRUSRUDWLRQIRUDQGRQEHKDOIRIWKHFRUSRUDWLRQ 127$5<38%/,& 3DFNHW3J 'D (;+,%,7& &216(172)2:1(5 3HRSOH¶V)RRG&RRSHUDWLYH,QF 2ZQHU D:LVFRQVLQ&RRSHUDWLYHKHUHE\FRQVHQWVWRWKHH[HFXWLRQ RIWKLV5HYRFDEOH3HUPLWDQG$JUHHPHQWDQG+ROG+DUPOHVV$JUHHPHQWFRQWDLQHGLQ([KLELW%RIWKLV 1LFH5LGH0LQQHVRWD $JUHHPHQWE\ $SSOLFDQW WRDOORZIRUWKHSODFHPHQWRIDELNHUDFNDQGELNHVLQWKH VW SXEOLFULJKWRIZD\DGMDFHQWWR$YHQXH6:5RFKHVWHU01 2ZQHUPD\UHTXHVWUHPRYDORIWKHELNHUDFNDQGELNHVE\$SSOLFDQWE\SURYLGLQJDZULWWHQUHTXHVWWRWKH &LW\(QJLQHHU7KH&LW\(QJLQHHUZLOOSURYLGHZULWWHQQRWLFHWR$SSOLFDQWVWDWLQJWKHELNHUDFNDQGELNHV DUHWREHUHPRYHGZLWKLQGD\VRIGDWHRIZULWWHQQRWLFHRIUHPRYDO 3HRSOH¶V)RRG&RRSHUDWLYH,QF %\ ,WV %\ ,WV 67$7(2)BBBBBBBBBBB 66 &2817<2)BBBBBBBBB 2QWKLVBBBGD\RIBBBBBBBBBBBBBBBBBBBBEHIRUHPHDQRWDU\SXEOLFZLWKLQDQGIRUVDLGFRXQW\ SHUVRQDOO\DSSHDUHGBBBBBBBBBBBBBBBBBBBBBBBBBBDQGBBBBBBBBBBBBBBBBBBBBBBBBWKH 3HRSOH¶V)RRG BBBBBBBBBBBBBBBBBBBBBBBBBBDQGBBBBBBBBBBBBBBBBBBBBBBBBBUHVSHFWLYHO\RI &RRSHUDWLYH,QF SHUVRQDOO\NQRZQWRPHWREHWKHSHUVRQVGHVFULEHGLQWKHIRUHJRLQJLQVWUXPHQWDQG DFNQRZOHGJHGWKDWWKH\H[HFXWHGWKHVDPHDVWKHLUIUHHZLOODQGRQEHKDOIRIWKH&RRSHUDWLYH 127$5<38%/,& ' 5(48(67)25&281&,/$&7,21 0((7,1*'$7( 3DFNHW3J 'D 'E &ƌŽŵ͗ ŚƌŝƐWůĞƐƐĞů΀ŵĂŝůƚŽ͗ĐƉůĞƐƐĞůΛďŬďŵ͘ĐŽŵ΁ ^ĞŶƚ͗ dŚƵƌƐĚĂǇ͕DĂǇϬϱ͕ϮϬϭϲϯ͗ϬϵWD dŽ͗ <ŶĂƵĞƌ͕dŽŶǇфƚŬŶĂƵĞƌΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀх Đ͗ ZŽŐĞƌKďĞƌŐфƌŽďĞƌŐΛďŬďŵ͘ĐŽŵх ^ƵďũĞĐƚ͗ ZŽĐŚĞƐƚĞƌϮŶĚ^ƚƌĞĞƚZĂŵƉŽŶĚŝƚŝŽŶ^ƵƌǀĞǇ͕ŝƚǇWƌŽũĞĐƚEŽ͘:ͲϮϱϵϰͲϭϲ&ŽůůŽǁƵƉ ZĞĐŽŵŵĞŶĚĂƚŝŽŶƐ dŽŶǇ͕ dŚŝƐĞŵĂŝůŝƐŝŶƌĞƐƉŽŶƐĞƚŽǇŽƵƌǀŽŝĐĞŵĂŝůƌĞŐĂƌĚŝŶŐƚŚĞƌŝƐŬƐƚŽƚŚĞŝƚǇŽĨZŽĐŚĞƐƚ ĞƌĂŶĚ<D͛Ɛ ƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐĨŽƌƌĞƉĂŝƌƐĂŶĚͬŽƌŵĂŝŶƚĞŶĂŶĐĞŝƚĞŵƐƚŽďĞƉĞƌĨŽƌŵĞĚŝŶƚŚĞƉĂƌŬŝŶŐƌĂŵƉ͘ dŚĞĨŽůůŽǁŝŶŐŝƐĂƐƵŵŵĂƌǇŽĨƌŝƐŬƐŽĨĚŽŝŶŐŶŽƚŚŝŶŐĨŽƌƚŚĞŶĞǆƚƚǁŽǇĞĂƌƐ͗ Ă͘/ĨƚŽƉŽĨƐůĂďĚĞůĂŵŝŶĂƚŝŽŶƐĚĞŐƌĂĚĞƚŽƚŚĞƉŽŝŶƚŽĨďĞĐŽŵŝŶŐĂƐƉĂůůƚŚĞƐƵƌĨĂĐĞĐŽƵůĚďĞĐŽŵĞĂ ƚƌŝƉƉŝŶŐŚĂǌĂƌĚƚŽƚŚĞƵƐĞƌƐ͘ ď͘/ĨƚŚĞďŽƚƚŽŵƐŝĚĞĚĞůĂŵŝŶĂƚŝŽŶƐĚĞŐƌĂĚĞƚŚĞƌĞŝƐĂŚĂǌĂƌĚĨƌŽŵĨĂůůŝŶŐĚĞďƌŝƐ͘ Đ͘/ĨƚŚĞůŽƐƐŽĨƚŚĞƚƌĂĨĨŝĐŵĞŵďƌĂŶĞĐŽŶƚŝŶƵĞƐĂŶĚŵŽŝƐƚƵƌĞƉĞŶĞƚƌĂƚĞƐĂŶĚůĞĂŬƐƚŚƌŽƵŐŚƚŚĞ ƐůĂďƚŚĞƌĞŝƐƚŚĞƉŽƚĞŶƚŝĂůĨŽƌĚĂŵĂŐĞƚŽǀĞŚŝĐůĞƐĨƌŽŵƚŚĞĚƌŝƉƉŝŶŐ͘ Ě͘^ƚƌƵĐƚƵƌĂůůǇƚŚĞĐŽƌƌŽƐŝŽŶĂŶĚůŽƐƐŽĨƐƚĞĞůƌĞŝŶĨŽƌĐŝŶŐƐĞĐƚŝŽŶǁŽƵůĚĐŽŶƚŝŶƵĞ͕ĞĂĐŚĂƌĞĂǁŝůů ŚĂǀĞŝƚƐŽǁŶƚŝŵĞĨƌĂŵĞďĂƐĞĚŽŶĐŽŶĚŝƚŝŽŶƐĂŶĚůĞǀĞůŽĨĐŚůŽƌŝĚĞƉĞŶĞƚƌĂƚŝŽŶƐ͘dŚĞŚĞůŝǆƌĂŵƉ ŝƐƵŶŝƋƵĞůǇĚŝĨĨĞƌĞŶƚĨƌŽŵƚŚĞƉĂƌŬŝŶŐĂƌĞĂƐĚƵĞƚŽƚŚĞŚŝŐŚƚƌĂĨĨŝĐĂŶĚƚŚĞŵŝŶŝŵĂůƐƚƌƵĐƚƵƌĂů ƌĞĚƵŶĚĂŶĐǇŽĨƚŚĞĨƌĂŵŝŶŐƐǇƐƚĞŵ͘ƵƌƌĞŶƚůǇƚŚĞůŽǁĞƐƚůĞǀĞůƐŽĨƚŚĞŚĞůŝǆŚĂǀĞŵŽƌĞ ĚĞůĂŵŝŶĂƚŝŽŶƐĂƐǁŽƵůĚďĞĞǆƉĞĐƚĞĚĚƵĞƚŽƚŚĞŚŝŐŚĞƐƚƵƐĂŐĞ͘ ĂƐĞĚŽŶƚŚĞŽďƐĞƌǀĞĚĐŽŶĚŝƚŝŽŶƐĂŶĚƐŝǌĞƐŽĨƚŚĞĚĞůĂŵŝŶĂƚŝŽŶƐĨŽƵŶĚǁĞĚŽŶŽƚƐĞĞĂŶŝŵŵĞĚŝĂƚĞ ƌĞƋƵŝƌĞŵĞŶƚĨŽƌĐŽŶĐƌĞƚĞƌĞƉĂŝƌƐŽƌŵĞŵďƌĂŶĞŵĂŝŶƚĞŶĂŶĐĞ͘/ĨƌĞƉĂŝƌƐĂƌĞĚĞůĂǇĞĚǁĞǁŽƵůĚŚŝŐŚůǇ ƌĞĐŽŵŵĞŶĚƚŚĂƚĂŶĂŶŶƵĂůǀŝƐƵĂůŽďƐĞƌǀĂƚŝŽŶďĞĐŽŵƉůĞƚĞĚĞĂĐŚƐƉƌŝŶŐƚŽĐŽŵƉĂƌĞƚŚĞĐŽŶĚŝƚŝŽŶƐĂŶĚ ƉƌŽǀŝĚĞĂƐŚŽƌƚůĞƚƚĞƌƐƚĂƚƵƐƌĞƉŽƌƚ͘dŚĞƌĞǁŽƵůĚďĞĂŶŽŶƵƐŽŶǇŽƵĂŶĚǇŽƵƌƚĞĂŵƚŽŵŽŶŝƚŽƌĐŚĂŶŐĞƐ ĂŶĚƉƌŽĂĐƚŝǀĞůǇĚĞĂůǁŝƚŚƐƉĂůůƐĂŶĚĚĞůĂŵŝŶĂƚŝŽŶǁŚŝĐŚŵĂǇƉƌĞƐĞŶƚĂŚĂǌĂƌĚ͘dŚŝƐǁŽƵůĚŝŶĐůƵĚĞ ŬŶŽĐŬŝŶŐĚŽǁŶůŽŽƐĞŽǀĞƌŚĞĂĚĐŽŶĐƌĞƚĞďĞĨŽƌĞŝƚĐŽƵůĚƉƌĞƐĞŶƚĂƉƌŽďůĞŵ͘ /ĨǇŽƵŚĂǀĞĂŶǇƋƵĞƐƚŝŽŶƐŽĨĐŽŶĐĞƌŶƐƉůĞĂƐĞĨĞĞůĨƌĞĞƚŽĐŽŶƚĂĐƚŵĞ͘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¶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³&LW\2ZQHU&RQWUDFW´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imes New Roman]]WKH D 7KH&LW\(QJLQHHUKDVGHWHUPLQHGWKH2ZQHUVKDOOSURYLGHDFRPELQDWLRQRIERWK [[375,824,783,881][12][B,I,][Times New Roman]]FRQVWUXFWLRQRISXE [[784,824,845,881][12][B,I,][Times New Roman]]OLF [[848,824,873,881][12][B,I,][Times New Roman]]R [[873,824,900,881][12][B,I,][Times New Roman]]Q [[901,824,917,881][12][B,I,][Times New Roman]] [[918,824,999,881][12][B,I,][Times New Roman]]VLWH [[1001,824,1200,881][12][B,I,][Times New Roman]]5HJLRQDO [[1203,824,1891,881][12][B, I,][Times New Roman]]6WRUP:DWHU0DQDJHPHQWIDFLOLW [[1885,824,1912,881][12][B,I,][Times New Roman]]\ [[1911,824,2262,881][12][B,I,][Times New Roman]]WKHSD\PHQWRI [[375,881,1469,938][12][B,I,][Times New Roman]]D6WRUP:DWHU0DQDJHPHQW3ODQ$UHD&KDUJH [[1485,881,2262,938][12][B,I,][Times New Roman]] 6:03$& IRUWKRVHDUHDVRIWKH [[374,939,564,996][12][B,I,][Times New Roman]]3URSHUW\ [[573,939,595,996][12][B,I,][Times New Roman]] [[589,939,848,996][12][B,I,][Times New Roman]]HVWLPDWHGDV [[849,939,861,996][12][B,I,][Times New Roman]] [[869,939,1075,996][12][B,I,][Times New Roman]]DFUHV [[1083,939,1667,996][12][B,I,][Times New Roman]]WKDWGRQRWGUDLQWRWKHRQ [[1669,939,1685,996][12][B,I,][Times New Roman]] [[1685,939,2261,996][12][B,I,][Times New Roman]]VLWH5HJLRQDO6WRUP:DW HU [[373,996,872,1053][12][B,I,][Times New Roman]]0DQDJHPHQWIDFLOLW\DV [[874,996,927,1053][12][B,I,][Times New Roman]]DG [[924,996,1523,1053][12][B,I,][Times New Roman]]GUHVVHGLQ6HFWLRQEHORZ [[1524,996,1536,1053][12][B,I,][Times New Roman]] [[1538,996,2262,1053][12][B,I,][Times New Roman]]DQGSRWHQWLDOO\WKHFRQVWUXFWLRQRI [[369,1054,587,1111][12][B,I,][Times New Roman]]SULYDWHRQ [[588,1054,604,1111][12][B,I,][Times New Roman]] [[605,1054,2262,1111][12][B,I,][Times New Roman]]VLWHIDFLOLWLHVWRPDLQWDLQSUHVFULEHGGL VFKDUJHUDWHVWR5HJLRQDO3RQGRQ [[375,1110,1282,1167][12][B,I,][Times New Roman]]DEXWWLQJODQGVWRWKHQRUWKRIWKH3URSHUW\ [[1283,1110,1295,1167][12][B,I,][Times New Roman]] IRUPDQDJLQJWKHLQFUHDVHGVWRUPZDWHUUXQRII IURPWKH3URSHUW\ E 2ZQHUVKDOOFRQVWUXFWDSXEOLF5HJLRQDO6WRUP:DWHU0DQDJHPHQW)DFLOLW\ KHUHLQDIWHU UHIHUUHGWRDVWKH5HJLRQDO)DFLOLW\ ZLWKLQWKH3URSHUW\DWLWVRZQFRVWDQGWKURXJKWKH RYHUVLJKWRID&LW\2ZQHU&RQWUDFW7KHGHVLJQLVVXEMHFWWRDSSURYDOE\WKH&LW\(QJLQHHU 7HUPVUHJDUGLQJ2ZQHU¶VLQWHULPRZQHUVKLSDQGPDLQWHQDQFHREOLJDWLRQVIRUWKH5HJLRQDO )DFLOLW\DUHDVIROORZV L 7KHRZQHURI/RW%ORFN:HVW&LUFOH&RPPHUFLDO DVGHSLFWHGRQWKH DWWDFKHG([KLELW%DQGKHUHLQDIWHUUHIHUUHGWRDVWKH/%2ZQHU LV REOLJDWHGWRSURYLGHJHQHUDOPDLQWHQDQFHRI5HJLRQDO)DFLOLW\XQWLOVXFKWLPH RZQHUVKLSDQGWKHPDLQWHQDQFHLVDFFHSWHGE\WKH&LW\VXEMHFWWRWKHWHUPVRI WKLV$JUHHPHQW LL )RUWKHSXUSRVHVRIWKLV$JUHHPHQWWKHSKUDVH³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¶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¶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ò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¶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¶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¶VRUWKH2ZQHU¶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¶VUHDVRQDEOHFRVWV LQFRUUHFWLQJVDPHSOXVLQWHUHVWDVSURYLGHGLQ6HFWLRQEHORZVKDOOEHSDLGE\WKH GHIDXOWLQJSDUW\WRWKHQRQGHIDXOWLQJSDUW\LPPHGLDWHO\XSRQGHPDQG LL,QMXQFWLYHUHOLHI LLL$FWLRQIRUVSHFLILFSHUIRUPDQFHDQG LY$FWLRQIRUPRQH\GDPDJHV E5HLPEXUVHPHQW$Q\DPRXQWVH[SHQGHGE\WKHQRQGHIDXOWLQJSDUW\LQHQIRUFLQJWKLV $JUHHPHQWLQFOXGLQJUHDVRQDEOHDWWRUQH\¶VIHHVVKDOOEHUHLPEXUVHGRUSDLGWRWKHQRQ GHIDXOWLQJSDUW\ F5HPHGLHVDUH&XPXODWLYH$OOUHPHGLHVSURYLGHGKHUHLQVKDOOEHFXPXODWLYHDQGWKH H[HUFLVHRIRQHUHPHG\VKDOOQRWSUHFOXGHWKHXVHRIDQ\RWKHURUDOORIVDLGUHPHGLHV 3DFNHW3J 'D G)DLOXUHWR(QIRUFHQRWD:DLYHU)DLOXUHRIDQ\SDUW\WRHQIRUFHDQ\SURYLVLRQVFRQWDLQHG KHUHLQVKDOOQRWEHGHHPHGDZDLYHURIWKDWSDUW\¶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¶V0D\RU ,WVBBBBBBBBBBBBBBBBBBBBBBBBBBBBB $WWHVWBBBBBBBBBBBBBBBBBBBBBBBBB%\BBBBBBBBBBBBBBBBBBBBBBBBBBBBB ,W¶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µ$¶ /(*$/'(6&5,37,212)7+(3523(57< 3DJHRI 3DFNHW3J 'D (;+,%,7µ$¶ /(*$/'(6&5,37,212)7+(3523(57< 3DJHRI 3DFNHW3J 'D (;+,%,7µ%¶ 352326('35(/,0,1$5<3/$72)7+(3523(57< ( 5(48(67)25&281&,/$&7,21 0((7,1*'$7( WLRQRIWKH,QFHQWLYH'HYHORSPHQW5&83VWDWHVWKHIROORZLQJ ³7KH&RXQFLO¶VDFWLRQVLQDSSURYLQJWKLVGHYHORSPHQWRFFXULQUHVSRQVHWRWKHDSSOLFDQW¶VRUKLVKHU UHSUHVHQWDWLYH¶VRUDODQGZULWWHQUHSUHVHQWDWLRQVDVWRWKHDSSHDUDQFHRIWKHEXLOGLQJGHVLJQH[WHULRUIDoDGH DQGODQGVFDSLQJ$VVXFKWKHDSSOLFDQWPXVWQRWGHYLDWHIURPWKHDSSHDUDQFHRIWKHEXLOGLQJGHVLJQH[WHULRU IDoDGHDQGODQGVFDSLQJDVRULJLQDOO\SUHVHQWHGWRWKH&RXQFLOZLWKRXWWKH&RXQFLO¶VSULRUDSSURYDO$OORIWKH EDOFRQLHVPXVWEHFRQVWUXFWHGDVVKRZQLQWKHVLWHSODQH[FHSWIRUWKUHHEDOFRQLHVWKDWDUHSK\VLFDOO\XQDEOH WREHVRFRQVWUXFWHG´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ƌŽƉŽƐĞĚŚĂŶŐĞηϭ ^ŚŽǁŶŚĞƌĞŝƐŽŶĞŽĨƚŚŽƐĞǁŝŶĚŽǁůĞƐƐǀĞƌƚŝĐĂů ƐĞĐƚŝŽŶƐŝĚĞŶƚŝĨŝĞĚĂƐWƌŽƉŽƐĞĚĐŚĂŶŐĞηϭ WƌŽƉŽƐĞĚŚĂŶŐĞηϮ ^ŚŽǁŶŚĞƌĞĂƌĞƚǁŽĨŽƵƌͲƐƚŽƌǇďƌŝĐŬďĂůĐŽŶǇ ĞŶĐůŽƐƵƌĞƐŽŶƚŚĞƌĞĂƌĨĂĕĂĚĞƚŚĂƚǁĞƌĞĐŽŶƐƚƌƵĐƚĞĚ ǁŝƚŚŽƵƚĂϭϬͲĨŽŽƚƐĞƉĂƌĂƚŝŽŶĂƐƐŚŽǁŶŽŶƚŚĞ ĂƉƉƌŽǀĞĚĞůĞǀĂƚŝŽŶƉůĂŶ͘ 3DFNHW3J (G WƌŽƉŽƐĞĚŚĂŶŐĞηϯ hƚŝůŝƚǇŵĞƚĞƌƐĂŶĚĞŶĐůŽƐƵƌĞĂĚĚĞĚƚŽƚŚĞ ƌĞĂƌĨĂĕĂĚĞ͘ WƌŽƉŽƐĞĚŚĂŶŐĞηϰ ZŽŽĨĚƌĂŝŶĂŐĞƐƉŽƵƚƐǁĞƌĞĂĚĚĞĚƚŽƚŚĞ ƉĂƌĂƉĞƚǁĂůů͘ WƌŽƉŽƐĞĚŚĂŶŐĞηϱ ^ĞƌǀŝĐĞĚŽŽƌƐǁĞƌĞĂĚĚĞĚƚŽƚŚĞĞĂƐƚĂŶĚ ǁĞƐƚǁĂůůƐ͘ 3DFNHW3J (G WƌŽƉŽƐĞĚŚĂŶŐĞηϲ dŚĞŵĂŝŶǁĂůŬǁĂǇĨƌŽŵƚŚĞĨƌŽŶƚĞŶƚƌĂŶĐĞ ǁĂƐƉĂǀĞĚǁŝƚŚƉŽƵƌĞĚĐŽŶĐƌĞƚĞ͘dŚĞ ĂƉƉƌŽǀĞĚƉůĂŶƐƐŚŽǁĂƉŽƌƚŝŽŶŽĨƚŚŝƐ ǁĂůŬǁĂǇƉĂǀĞĚǁŝƚŚƉĂǀĞƌƐ͘ WƌŽƉŽƐĞĚŚĂŶŐĞηϳ hƚŝůŝƚǇďŽǆĞƐŚĂǀĞďĞĞŶƉůĂĐĞĚŶĞĂƌƚŚĞ ƐŽƵƚŚǁĞƐƚĐŽƌŶĞƌŽĨƚŚĞƐŝƚĞŝŶƚŚĞƌĞĂƌǇĂƌĚ͘ WƌŽƉŽƐĞĚŚĂŶŐĞηϴ ĨĞŶĐĞǁĂƐŝŶƐƚĂůůĞĚƐƵƌƌŽƵŶĚŝŶŐƚŚĞƌĂŝŶŐĂƌĚĞŶĂƚƚŚĞƐŽƵƚŚĞĂƐƚĐŽƌŶĞƌŽĨƚŚĞƐŝƚĞĂŶĚĂůŽŶŐĂ ƉŽƌƚŝŽŶŽĨƚŚĞĞĂƐƚƉƌŽƉĞƌƚǇůŝŶĞ͘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³&RXQFLO´ RIWKH&LW\RI5RFKHVWHU2OPVWHG &RXQW\0LQQHVRWD WKH³&LW\´ DVIROORZV 6HFWLRQ7KH5RFKHVWHU(FRQRPLF'HYHORSPHQW$XWKRULW\ WKH³('$´ KDVUHFHLYHGIURP &RPPXQLW\'HQWDO&DUHD0LQQHVRWDQRQSU RILWFRUSRUDWLRQ WKH³%RUURZHU´ DSURSRVDOWKDWWKH('$ LVVXHLWV+HDOWK&DUH)DFLOLW\5HYHQXH1RWH6HULHV &RPPXQLW\'HQWDO&DUH3URMHFW LQDSULQFLSDO DPRXQWQRWWRH[FHHG WKH³ 1RWH´ SXUVXDQWWR0LQQHVRWD6WDWXWHV6HFWLRQVWR WKH³$FW´ WRDVVLVWLQILQDQFLQJWKHDFTXLVLWLRQFRQVWUXFWLRQDQGHTXLSSLQJRIDQDSSUR[LPDWHO\ VTXDUHIRRWGHQWDOFOLQLFIDFLOLW\WREHORFDWHGDW86+LJKZD\(DVWLQWKH&LW\ WKH³3URMHFW´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q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³$VXEGLYLVLRQLQZKLFKDOO SURSRVHGORWVIURQWRQDSODWWHGRUGHGLFDWHGVWUHHWULJKWRIZD\DQGQRPDMRUFKDQJHVWRWKHULJKW RIZD\DUHSURSRVHGPD\EHH[HPSWHGIURPWKHUHTXLUHPHQWVRIWKLVSDUDJUDSK´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ĂƌŬͲ &z/͙͙/ĚŝĚŶŽƚŵĂŬĞŝƚĂƐƉĞĐŝĨŝĐĐŽŵŵĞŶƚĨŽƌƚŚĞWƵďůŝĐtŽƌŬƐƌĞĨĞƌƌĂůĨŽƌƚŚŝƐWůĂƚ͕ďƵƚƉůĞĂƐĞŶŽƚĞ ƚŚĂƚĂƐƉĂƌƚŽĨƚŚĞŝŶĚŝǀŝĚƵĂůůŽƚĚĞǀĞůŽƉŵĞŶƚƚŚĞƌĞǁŝůůďĞĂƉƵďůŝĐĞĂƐĞŵĞŶƚĨŽƌƐƚŽƌŵƐĞǁĞƌ ŶĞĞĚĞĚĂĐƌŽƐƐ>Žƚϭ͕ůŽĐŬϭ͕ƚŽƐĞƌǀĞ>ŽƚϮ͕ůŽĐŬϭ͕ĂŶĚƚŚĂƚĞĂƐĞŵĞŶƚƐĨŽƌǁĂƚĞƌŵĂŝŶΘŚǇĚƌĂŶƚƐ ŵĂǇďĞŶĞĞĚĞĚĨŽƌďŽƚŚůŽƚƐĚĞƉĞŶĚŝŶŐŽŶƚŚĞŶĞĞĚƐĨƌŽŵƚŚĞ&ŝƌĞĞƉĂƌƚŵĞŶƚ͘ /ƚǁŽƵůĚďĞŝĚĞĂůŝĨƚŚĞĞĂƐĞŵĞŶƚƐǁĞƌĞƐŚŽǁŶŽŶƚŚĞ&ŝŶĂůWůĂƚ͕ďƵƚ/ĚŽŶŽƚďĞůŝĞǀĞƚŚĞĂůŝŐŶŵĞŶƚƐ ĂƌĞŬŶŽǁŶĂƚƚŚŝƐƚŝŵĞƐŽƚŚĞĞĂƐĞŵĞŶƚƐǁŝůůŶĞĞĚƚŽďĞĚĞĚŝĐĂƚĞĚďǇƐĞƉĂƌĂƚĞĚŽĐƵŵĞŶƚĂƐƉĂƌƚŽĨ ƚŚĞ^WĂƉƉƌŽǀĂůƉƌŽĐĞƐƐ͘ dŚĂŶŬƐ DĂƌŬ͘ĂŬĞƌ >ĂŶĚĞǀĞůŽƉŵĞŶƚDĂŶĂŐĞƌ ŝƚǇŽĨZŽĐŚĞƐƚĞƌʹWƵďůŝĐtŽƌŬƐ ƚŚ ϮϬϭϰ^ƚ^ZŵηϭϬϴ ZŽĐŚĞƐƚĞƌDEϱϱϵϬϰͲϯϳϰϬ WŚŽŶĞ͗;ϱϬϳͿϯϮϴͲϮϰϮϳ 3DFNHW3J )G -XO\ 5RFKHVWHU2OPVWHG &2162/,'$7('3/$11,1*'(3$570(17 &DPSXV'ULYH6( 5RFKHVWHU01 )G '$7(-XO\ [[2045,658,2334,698][8][,I,][Arial Narrow]]7KHKDQGWRUHDFKIRU« [[2334,658,2342,698][8][,I,][Arial Narrow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q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q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¶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x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x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¶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x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x *HRJUDSKLF,QIRUPDWLRQ6\VWHPV$GGUHVVLQJ'DWD 0DSSLQJ/DQG8VH 7UDQVSRUWDWLRQ3ODQQLQJ3ROLF\ $QDO\VLV $1(48$/23325781,7<$)),50$7,9($&7,21(03/2<(5 UHF\FODEOH 3DFNHW3J )E 3DJH 5&836721(+('*(72:1+20(6 -XQH 6XEG )F ŝƚǇWůĂŶŶŝŶŐĂŶĚŽŶŝŶŐŽŵŵŝƐƐŝŽŶDŝŶƵƚĞƐ,ĞĂƌŝŶŐĂƚĞ͗:ƵŶĞϮϮ͕ϮϬϭϲ ϭϳͿŽƵůĞǀĂƌĚƚƌĞĞƐǁŝůůďĞƌĞƋƵŝƌĞĚĨŽƌƚŚĞĚĞǀĞůŽƉŵĞŶƚ͘WƌŝŽƌƚŽƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨƚŚĞ ƉƌŽƉĞƌƚǇ͕ƚŚĞKǁŶĞƌƐŚĂůůĚĞƚĞƌŵŝŶĞǁŚŝĐŚŽĨƚŚĞƚǁŽĂǀĂŝůĂďůĞŽƉƚŝŽŶƐ͕WĂǇŵĞŶƚDĞƚŚŽĚ Žƌ/ŶƐƚĂůůŽƵůĞǀĂƌĚdƌĞĞƐ͕ǁŝůůďĞƵƐĞĚƚŽŵĞĞƚƚŚĞŝƌďŽƵůĞǀĂƌĚƚƌĞĞŽďůŝŐĂƚŝŽŶƐĨŽƌĞĂĐŚ ƉŚĂƐĞŽĨƚŚĞĚĞǀĞůŽƉŵĞŶƚ͘dƌĞĞƐƐŚĂůůďĞƉůĂŶƚĞĚĞǀĞƌǇϱϬĨĞĞƚ͘ ϭϴͿdŚĞ͚,td,KZEKhZd͛ƐƚƌĞĞƚŶĂŵĞŵƵƐƚďĞƌĞŶĂŵĞĚ͘dŚĞĂƉƉůŝĐĂŶƚƐŚĂůůƌĞƐŽůǀĞƚŚĞ ŶĂŵŝŶŐŝƐƐƵĞǁŝƚŚƚŚĞ'/^ŝǀŝƐŝŽŶƉƌŝŽƌƚŽ&ŝŶĂůWůĂƚƐƵďŵŝƚƚĂů͘ ϭϵͿZϮϬϭϲͲϬϬϮsƐŚĂůůďĞĂƉƉƌŽǀĞĚĂŶĚƚŚĞƌĞƐŽůƵƚŝŽŶƌĞĐŽƌĚĞĚĐŽŶĐƵƌƌĞŶƚůǇǁŝƚŚƚŚĞ&ŝŶĂů WůĂƚĨŽƌ&ĂůĐŽŶ,ĞŝŐŚƚƐŽĨZŽĐŚĞƐƚĞƌ͘ ŽŶĚŝƚŝŽŶĂůhƐĞWĞƌŵŝƚZϮϬϭϲͲϬϮϭhWďǇ^ƚŽŶĞŚĞĚŐĞdŽǁŶŚŽƵƐĞƐ͕>>ƚŽĂůůŽǁĂ^ƵďƐƚĂŶƚŝĂů>ĂŶĚ ůƚĞƌĂƚŝŽŶƉƌŽƉŽƐĞĚĨŽƌƚŚĞ^ƚŽŶĞŚĞĚŐĞdŽǁŶŚŽŵĞƐϲƚŚ^ƵďĚŝǀŝƐŝŽŶƚŚĂƚǁŝůůĐŚĂŶŐĞƚŚĞĞůĞǀĂƚŝŽŶƐ ŽŶƉŽƌƚŝŽŶƐŽĨƚŚĞƐŝƚĞŵŽƌĞƚŚĂŶϭϬĨĞĞƚ͘dŚĞƉƌŽƉĞƌƚǇŝƐůŽĐĂƚĞĚĞĂƐƚŽĨ^ƚŽŶĞŚĞĚŐĞƌŝǀĞEĂŶĚ ŶŽƌƚŚŽĨŽƌĂůZŝĚŐĞWůĂĐĞE͘ Dƌ͘ƵƌŚŽƉƉƌĞƐĞŶƚĞĚƚŚĞƐƚĂĨĨƌĞƉŽƌƚ͕ĚĂƚĞĚ:ƵŶĞϭϲ͕ϮϬϭϲ͕ƚŽƚŚĞŽŵŵŝƐƐŝŽŶ͘dŚĞƐƚĂĨĨƌĞƉŽƌƚŝƐŽŶ ĨŝůĞĂƚƚŚĞZŽĐŚĞƐƚĞƌͲKůŵƐƚĞĚWůĂŶŶŝŶŐĞƉĂƌƚŵĞŶƚ͘ DƐ͘DĞĞŬŽƉĞŶĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ Dƌ͘ŝůůŶĚĞƌƐŽŶ͕ĐŽŶƐƵůƚĂŶƚǁŝƚŚ^,͕ϳϭϳdŚŝƌĚǀĞŶƵĞ^͕ZŽĐŚĞƐƚĞƌDŝŶŶĞƐŽƚĂϱϱϵϬϰ͕ĂĚĚƌĞƐƐĞĚ ƚŚĞŽŵŵŝƐƐŝŽŶ͘,ĞĞǆƉůĂŝŶĞĚƚŚĞƌĞŝƐĂŶĂƉƉƌŽǀĞĚƉĞƌĨŽƌŵĂŶĐĞƌĞƐŝĚĞŶƚŝĂůĐŽŶĚŝƚŝŽŶĂůƵƐĞƉĞƌŵŝƚŽŶ ƚŚĞƉƌŽƉĞƌƚǇ͕ĂŶĚƚŚĞƌĞĂƌĞĐƵƌƌĞŶƚŐƌĂĚŝŶŐŽƉĞƌĂƚŝŽŶƐŽĨǁŚŝĐŚŵŽƌĞƚŚĂŶϭϬĨĞĞƚŽĨĐƵƚĂŶĚĨŝůůĞǆŝƐƚ͘ DƐ͘EĂŶĐǇZĂŵƐĚĞůů͕ƌĞƐŝĚŝŶŐĂƚϮϰϱϬŽƌĂůZŝĚŐĞZŽĂĚ͕ZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂϱϱϵϬϰ͕ĂĚĚƌĞƐƐĞĚƚŚĞ ŽŵŵŝƐƐŝŽŶ͘^ŚĞĞǆƉƌĞƐƐĞĚŚĞƌĐŽŶĐĞƌŶǁŝƚŚĂůůŽǁŝŶŐůĂƌŐĞƚƌƵĐŬƐŽŶŚĞƌƐƚƌĞĞƚĚƵƌŝŶŐĐŽŶƐƚƌƵĐƚŝŽŶŽŶ ŽƌĂůZŝĚŐĞZŽĂĚǁŚŝĐŚŝƐĂƉƌŝǀĂƚĞƌŽĂĚ͘ Dƌ͘ŝůůŶĚĞƌƐŽŶ͕ĐŽŶƐƵůƚĂŶƚǁŝƚŚ^,͕ϳϭϳdŚŝƌĚǀĞŶƵĞ^͕ZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂϱϱϵϬϰ͕ĂĚĚƌĞƐƐĞĚ ƚŚĞŽŵŵŝƐƐŝŽŶ͘,ĞŶŽƚĞĚĐŽŶƐƚƌƵĐƚŝŽŶƚƌĂĨĨŝĐǁŝůůďĞůŝŵŝƚĞĚƚŽƚŚĞĞǆŝƐƚŝŶŐŐƌĂǀĞůĞŶƚƌĂŶĐĞƌŽĂĚƚŚĂƚ ĐŽŶŶĞĐƚƐƚŽ/ǀŽƌǇZŽĂĚ͕ĂŶĚŽƌĂůZŝĚŐĞZŽĂĚEǁŝůůŶŽƚďĞƵƐĞĚ͘ Dƌ͘ƌƵĐĞĂŬĞƌ͕ƌĞƐŝĚŝŶŐĂƚϮϰϯϴŽƌĂůZŝĚŐĞZŽĂĚE͕ZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂϱϱϵϬϰ͕ĂĚĚƌĞƐƐĞĚƚŚĞ ŽŵŵŝƐƐŝŽŶ͘,ĞƐƚĂƚĞĚŚĞŚĂƐǁĂůŬĞĚƚŚĞĂƌĞĂǁŚŝĐŚŝƐƵŶĚĞƌĐŽŶƐŝĚĞƌĂƚŝŽŶĂŶĚŶŽƚĞĚƚŚĞĨŝůůĂƌĞĂŝƐĂ ůŽǁƐƉŽƚƚŚĂƚŶĞĞĚƐƚŽďĞďƌŽƵŐŚƚƵƉƚŽŐƌĂĚĞƚŽŵĂƚĐŚƚŚĞƚŽƉŽŐƌĂƉŚǇ͖ĂŶĚƚŚĞĚĞǀĞůŽƉĞƌŝƐŐŽŽĚƚŽ ǁŽƌŬǁŝƚŚĂŶĚŚĂƐďĞĞŶĐŽŽƉĞƌĂƚŝǀĞǁŝƚŚŶĞŝŐŚďŽƌƐ͘ Dƌ͘<ĞǀŝŶ^ƚĞƌŶďĞƌŐ͕ƌĞƐŝĚŝŶŐĂƚϲϱϳϮϱƚŚǀĞŶƵĞ͕<ĂƐƐŽŶ͕DŝŶŶĞƐŽƚĂϱϱϵϰϰ͕ĂĚĚƌĞƐƐĞĚƚŚĞ ŽŵŵŝƐƐŝŽŶ͘,ĞŶŽƚĞĚŚĞĐĂŶƉƵƚƐŽŵĞƐŝŐŶƐŽƵƚĨŽƌƚŚĞĚƌŝǀĞƌƐĂŶĚĂĚĚĂŵƵůƚŝůŝŶŐƵĂůůĂŶŐƵĂŐĞ͖ĂŶĚ ĂƐŬĞĚŶĞŝŐŚďŽƌƐŝĨƚŚĞǇǁŽƵůĚůŝŬĞĂĚĚŝƚŝŽŶĂůƐŝŐŶƐĂĚĚĞĚĨŽƌĚŝƌĞĐƚŝŽŶƚŽƚŚĞƚƌƵĐŬĚƌŝǀĞƌƐ͘ tŝƚŚŶŽŽŶĞĞůƐĞǁŝƐŚŝŶŐƚŽďĞŚĞĂƌĚ͕DƐ͘DĞĞŬĐůŽƐĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ Dƌ͘ƵƌƐƚƐƚĂƚĞĚŚĞŚĂƐǀŝƐŝƚĞĚƚŚĞƐŝƚĞ͖ĂŶĚĨĞĞůƚŚĞǇŚĂǀĞĚŽŶĞĂŐƌĞĂƚũŽďŐƌŽǁŝŶŐƚŚĞĂƌĞĂĂŶĚ ƉƌŽĚƵĐĞĂŐƌĞĂƚƉƌŽĚƵĐƚ͘ )F ŝƚǇWůĂŶŶŝŶŐĂŶĚŽŶŝŶŐŽŵŵŝƐƐŝŽŶDŝŶƵƚĞƐ,ĞĂƌŝŶŐĂƚĞ͗:ƵŶĞϮϮ͕ϮϬϭϲ Dƌ͘ƵƌƐƚŵŽǀĞĚƚŽƌĞĐŽŵŵĞŶĚĂƉƉƌŽǀĂůŽĨŽŶĚŝƚŝŽŶĂůhƐĞWĞƌŵŝƚZϮϬϭϲͲϬϮϭhW^ƵďƐƚĂŶƚŝĂů >ĂŶĚůƚĞƌĂƚŝŽŶǁŝƚŚƚŚĞƐƚĂĨĨͲƌĞĐŽŵŵĞŶĚĞĚĨŝŶĚŝŶŐƐ͘DƐ͘^ĞĂďƌŽŽŬƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘dŚĞ ŵŽƚŝŽŶĐĂƌƌŝĞĚƵŶĂŶŝŵŽƵƐůǇ͘ >ĂŶĚhƐĞWůĂŶŵĞŶĚŵĞŶƚηZϮϬϭϲͲϬϬϱ>hW͕ŽŶŝŶŐDĂƉŵĞŶĚŵĞŶƚηZϮϬϭϲͲϬϬϰĂŶĚ'ĞŶĞƌĂů ĞǀĞůŽƉŵĞŶƚWůĂŶηZϬϬϯϰϭ'WƚŽďĞŬŶŽǁŶĂƐtĞƐƚŝŐŚƚǇĞǀĞůŽƉŵĞŶƚďǇ^ƚĞƌůŝŶŐZĞĂůƐƚĂƚĞ dƌƵƐƚ͘dŚĞůĂŶĚƵƐĞƉůĂŶŵĂƉĂŵĞŶĚŵĞŶƚƉƌŽƉŽƐĞƐƚŽƌĞͲĚĞƐŝŐŶĂƚĞƚŚĞƐŝƚĞĨƌŽŵŽŵŵĞƌĐŝĂůƚŽ DĞĚŝƵŵĞŶƐŝƚǇZĞƐŝĚĞŶƚŝĂů͘dŚĞǌŽŶŝŶŐŵĂƉĂŵĞŶĚŵĞŶƚƉƌŽƉŽƐĞƐƚŽƌĞͲǌŽŶĞƚŚĞƐŝƚĞĨƌŽŵDͲϭ DŝǆĞĚŽŵŵĞƌĐŝĂů/ŶĚƵƐƚƌŝĂůƚŽZͲϯDĞĚŝƵŵĞŶƐŝƚǇZĞƐŝĚĞŶƚŝĂů͘dŚĞ'ĞŶĞƌĂůĞǀĞůŽƉŵĞŶƚWůĂŶ ƉƌŽƉŽƐĞƐŵƵůƚŝͲĨĂŵŝůǇƌĞƐŝĚĞŶƚŝĂůƵƐĞ͘dŚĞƐŝƚĞŝƐŽŶĨŝǀĞƐĞƉĂƌĂƚĞƉƌŽƉĞƌƚŝĞƐ͕ĂƉƉƌŽǆŝŵĂƚĞůǇϭϴ͘ϴĂĐƌĞƐ ƚŽƚĂů͕ǁĞƐƚŽĨŽŵŵĞƌĐŝĂůƌŝǀĞ^t͘ Dƌ͘ƵƌŚŽƉƌĞĂĚĂƐƚĂƚĞŵĞŶƚĨƌŽŵƚŚĞĐŽŶƐƵůƚĂŶƚŽŶďĞŚĂůĨŽĨƚŚĞĂƉƉůŝĐĂŶƚƐƚĂƚŝŶŐƚŚĞǇǁŝƐŚƚŽ ĐŽŶƚŝŶƵĞƚŚĞĂƉƉůŝĐĂƚŝŽŶƐƚŽƚŚĞ:ƵůǇϭϯ͕ϮϬϭϲWŵĞĞƚŝŶŐ͕ǁŝƚŚǁĂŝǀŝŶŐŽĨƚŚĞϲϬͲĚĂǇƌƵůĞ͘ Dƌ͘^ŝŵƐŵŽǀĞĚƚŽƌĞĐŽŵŵĞŶĚĐŽŶƚŝŶƵĂƚŝŽŶŽĨ>ĂŶĚhƐĞWůĂŶŵĞŶĚŵĞŶƚηZϮϬϭϲͲϬϬϱ>hW͖ ŽŶŝŶŐDĂƉŵĞŶĚŵĞŶƚηZϮϬϭϲͲϬϬϰ͖ĂŶĚ'ĞŶĞƌĂůĞǀĞůŽƉŵĞŶƚWůĂŶηZϬϬϯϰϭ'WƚŽƚŚĞ:ƵůǇ ϭϯ͕ϮϬϭϲWŵĞĞƚŝŶŐ͘Dƌ͘,ŝůůƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘dŚĞŵŽƚŝŽŶĐĂƌƌŝĞĚƵŶĂŶŝŵŽƵƐůǇ͘ KƚŚĞƌƵƐŝŶĞƐƐ͗ ϭ͘ŝƚǇŽƵŶĐŝůDĞĞƚŝŶŐZĞĐĂƉͲDƌ͘ƵŶŶƉƌĞƐĞŶƚĞĚĂƌĞƉŽƌƚŽĨƚŚĞƉĂƐƚŝƚǇŽƵŶĐŝůŵĞĞƚŝŶŐ͖ǁŝůůďĞ ůŽŽŬŝŶŐĨŽƌǁĂǇƐƚŽĐŽŶƐŽůŝĚĂƚĞŝŶĨŽƌŵĂƚŝŽŶŝŶŵĞĞƚŝŶŐƉĂĐŬĞƚƐ͖ĂŶĚĂĚĚƌĞƐƐŝŶŐĐŽŶĚŝƚŝŽŶƐůŝƐƚĞĚŝŶ ƐƚĂĨĨƌĞƉŽƌƚƐ͘ Ϯ͘Dƌ͘ƵŶŶŶŽƚĞĚƚŽƚŚĞŽŵŵŝƐƐŝŽŶDƌ͘,ĂƌĨŽƌĚǁŝůůďĞƌĞƚŝƌŝŶŐĨƌŽŵƚŚĞKůŵƐƚĞĚͲWůĂŶŶŝŶŐ ĞƉĂƌƚŵĞŶƚ͘ ƐŵĂǇďĞďƌŽƵŐŚƚƵƉǁŝƚŚŵĞŵďĞƌƐͲ ϯ͘EŽĚŝƐĐƵƐƐŝŽŶŝƚĞŵƐǁĞƌĞďƌŽƵŐŚƚĨŽƌǁĂƌĚ͘ ĚũŽƵƌŶ͗ DŽƚŝŽŶŵĂĚĞďǇDƐ͘^ĞĂďƌŽŽŬƚŽĂĚũŽƵƌŶ͕ƐĞĐŽŶĚĞĚďǇDƌ͘'ŽŽĚĞŶďĞƌŐĞƌ͘DƐ͘DĞĞŬ͕ĐƚŝŶŐ ŚĂŝƌ͕ĂĚũŽƵƌŶĞĚƚŚĞŵĞĞƚŝŶŐĂƚϳ͗ϭϱƉ͘ŵ͘ ZĞƐƉĞĐƚĨƵůůǇ^ƵďŵŝƚƚĞĚ͗ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ DŝƚǌŝĂŬĞƌ͕WůĂŶŶŝŶŐŝƌĞĐƚŽƌDƐ͘>ŝŶĚƐĞǇDĞĞŬ͕ĐƚŝŶŐŚĂŝƌ ďĚ _3DJH 3DFNHW3J )G 3DFNHW3J )G 3DFNHW3J )H 5HIHUUDO$JHQF\&RPPHQWV $SSOLFDWLRQ1R5&83 %XLOGLQJ6DIHW\ 7KHUHDUHQRFRPPHQWVIURPWKLVDJHQF\DWWKLVWLPH &RXQW\3XEOLF:RUNV 7KHUHDUHQRFRPPHQWVIURPWKLVDJHQF\DWWKLVWLPH )LUH'HSDUWPHQW )H -XQH )H )URP6FKQHOO7UDF\ '27 7R3ODQQLQJ5HIHUUDOV &F6FKRHQIHOGHU0DUN '27 6FKQHOO7UDF\ '27 6XEMHFW&RQGLWLRQDO8VH3HUPLW5&83E\6WRQHKHGJH7RZQKRXVHV//& 'DWH:HGQHVGD\-XQH30 dŚŝƐƉƌŽƉŽƐĂůĂƉƉĞĂƌƐƚŽŚĂǀĞŶŽƐŝŐŶŝĨŝĐĂŶƚŝŵƉĂĐƚŽŶDŶKdƌŽĂĚǁĂǇƐĂŶĚŝƐĂĐĐĞƉƚĂďůĞƚŽ DŶKd͘ ŽŶĚŝƚŝŽŶĂůhƐĞWĞƌŵŝƚZϮϬϭϲͲϬϮϭhWďǇ^ƚŽŶĞŚĞĚŐĞdŽǁŶŚŽƵƐĞƐ͕>>ƚŽĂůůŽǁĂ^ƵďƐƚĂŶƚŝĂů>ĂŶĚ ƚŚ ůƚĞƌĂƚŝŽŶƉƌŽƉŽƐĞĚĨŽƌƚŚĞ^ƚŽŶĞŚĞĚŐĞdŽǁŶŚŽŵĞƐϲ^ƵďĚŝǀŝƐŝŽŶƚŚĂƚǁŝůůĐŚĂŶŐĞƚŚĞĞůĞǀĂƚŝŽŶƐ ŽŶƉŽƌƚŝŽŶƐŽĨƚŚĞƐŝƚĞŵŽƌĞƚŚĂŶϭϬĨĞĞƚ͘dŚĞƉƌŽƉĞƌƚǇŝƐůŽĐĂƚĞĚĞĂƐƚŽĨ^ƚŽŶĞŚĞĚŐĞƌŝǀĞEĂŶĚ ŶŽƌƚŚŽĨŽƌĂůZŝĚŐĞWůĂĐĞE͘ dŚĂŶŬǇŽƵ͕ 7UDF\6FKQHOO 7UDQVSRUWDWLRQ3ODQQHU 0Q'27'LVWULFW WK 6WUHHW1: 5RFKHVWHU01 )H 'DYLV%HWK )URP+HUEHU:HQG\ 6HQW7KXUVGD\-XQH$0 7R'DYLV%HWK 6XEMHFW5&83 ,ŝĞƚŚ͕ ,ĞƌĞĂƌĞƚŚĞĐŽŵŵĞŶƚƐĨƌŽŵ^ŬŝƉ>ĂŶŐĞƌ Ͳ^ŽŝůĂŶĚtĂƚĞƌ͘ dŚŝƐƐŝƚĞŚĂƐƐƚĞĞƉƐůŽƉĞƐƚŚĂƚŵĂǇďĞǀƵůŶĞƌĂďůĞƚŽĞƌŽƐŝŽŶ͘'ŽŽĚĞƌŽƐŝŽŶĐŽŶƚƌŽůDW͛ƐǁŝůůŶĞĞĚƚŽďĞŝŶƐƚĂůůĞĚĂŶĚ ŵĂŝŶƚĂŝŶĞĚ͘ĞĐŽƌĂŚĚŐĞtĞƚůĂŶĚƐŚĂǀĞďĞĞŶŝĚĞŶƚŝĨŝĞĚŝŶƚŚĞůŽǁĞƌĞůĞǀĂƚŝŽŶŽĨƚŚĞǀĂůůĞǇƚŽƚŚĞĞĂƐƚĂŶĚƐŚŽƵůĚďĞ ƉƌŽƚĞĐƚĞĚĨƌŽŵŝŵƉĂĐƚ͘hŶĐĞƌƚĂŝŶĨƌŽŵůĂŶĚĂůƚĞƌĂƚŝŽŶŵĂƉŽĨŚŽǁƐƚŽƌŵǁĂƚĞƌĂŶĚƌƵŶ Ͳ ŽĨĨǁŝůůďĞŚĂŶĚůĞĚ͕ĨƵƚƵƌĞ ŐƌĂĚŝŶŐƉůĂŶŽƌ'WƐŚŽƵůĚƉƌŽǀŝĚĞŵŽƌĞĚĞƚĂŝů͘ 7KDQN<RX :HQG\+HUEHU &OHUN6SHFLDOLVW 2OPVWHG&RXQW\3XEOLF:RUNV (QYLURQPHQWDO5HVRXUFHV KHUEHUZHQG\#FRROPVWHGPQXV )H )URP/DZ%U\DQ 7R3ODQQLQJ5HIHUUDOV 6XEMHFW5(5HTXHVWIRU&RPPHQWV5&83 'DWH7KXUVGD\-XQH30 dŚŝƐƐŝƚĞŝƐĂďŽƵƚϭϭϬϬĨĞĞƚŶŽƌƚŚĞĂƐƚĨƌŽŵƚŚĞZŽƵƚĞϭϲƐƚŽƉĂƚDĂǇŽEŽƌƚŚĞĂƐƚĂƚŝƌĐůĞƌE ĂŶĚ^ƚŽŶĞŚĞĚŐĞƌE͘ /ƚŝƐƉƌĞŵĂƚƵƌĞĂƚƚŚŝƐƚŝŵĞƚŽĐŽŵŵĞŶƚĂďŽƵƚĂŶǇƐƉĞĐŝĨŝĐƚƌĂŶƐŝƚŝŵƉƌŽǀĞŵĞŶƚƐŝŶĂŶǇƉĂƌƚŝĐƵůĂƌ ůŽĐĂƚŝŽŶƐ͕ďĞĐĂƵƐĞƚŚĞŝƚǇ͛ƐdƌĂŶƐŝƚĞǀĞůŽƉŵĞŶƚWůĂŶŝƐƵŶĚĞƌǁĂǇ͘dŚĂƚĚŽĐƵŵĞŶƚ͕ĞǆƉĞĐƚĞĚƚŽ ďĞĐŽŵƉůĞƚĞĚŝŶƚŚĞĨĂůůŽĨϮϬϭϲ͕ǁŝůůŚĂǀĞƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐĂďŽƵƚŝŵƉƌŽǀĞŵĞŶƚƐƚŽƚƌĂŶƐŝƚƐĞƌǀŝĐĞ͕ ŝŶĐůƵĚŝŶŐĂĚũƵƐƚŵĞŶƚƐŽĨƌŽƵƚĞƐ͕ƐƚĂŶĚĂƌĚƐĨŽƌĞƐƚĂďůŝƐŚŝŶŐƐƚŽƉƐĂŶĚƐŚĞůƚĞƌƐ͕ĞƚĐ͘ ͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲ ƌǇĂŶ>Ăǁ͕/W dƌĂŶƐŝƚWůĂŶŶĞƌͮZŽĐŚĞƐƚĞƌWƵďůŝĐdƌĂŶƐŝƚ >ĂǁΛƌŽĐŚĞƐƚĞƌŵŶ͘ŐŽǀͻϱϬϳͲϯϮϴͲϮϰϴϱ ŝƚǇŽĨZŽĐŚĞƐƚĞƌ͕DE WƵďůŝĐtŽƌŬƐΘdƌĂŶƐŝƚKƉĞƌĂƚŝŽŶƐĞŶƚĞƌ ϰϯϬϬĂƐƚZŝǀĞƌZĚEͮZŽĐŚĞƐƚĞƌ͕DEϱϱϵϬϲ 3DFNHW3J ) 5(48(67)25&281&,/$&7,21 0((7,1*'$7( )D 3DFNHW3J 3DFNHW3J )D )D 3DFNHW3J )D 3DFNHW3J 3DFNHW3J )D )D 3DFNHW3J )D 3DFNHW3J )D 3DFNHW3J )D 3DFNHW3J )E D/Ehd^K&d, /dzK&ZK,^dZW>EE/E'KDD/^^/KE ϮϭϮϮDWh^Z/s^ʹ^h/dϭϬϬ ZK,^dZDEϱϱϵϬϰ DŝŶƵƚĞƐŽĨƚŚĞƌĞŐƵůĂƌůǇƐĐŚĞĚƵůĞĚŵĞĞƚŝŶŐŽĨƚŚĞŝƚǇWůĂŶŶŝŶŐĂŶĚŽŶŝŶŐŽŵŵŝƐƐŝŽŶŚĞůĚŽŶ tĞĚŶĞƐĚĂǇ͕:ƵŶĞϮϮ͕ϮϬϭϲ͕Ăƚϲ͗ϬϬƉ͘ŵ͘ ŝŶƚŚĞŽƵŶĐŝůͬŽĂƌĚŚĂŵďĞƌƐŽĨƚŚĞ'ŽǀĞƌŶŵĞŶƚĞŶƚĞƌ͕ϭϱϭ ϰƚŚ^ƚƌĞĞƚ^͕ZŽĐŚĞƐƚĞƌ͕DE͘ DĞŵďĞƌƐWƌĞƐĞŶƚ ͗DƐ͘>ŝŶĚƐĞǇDĞĞŬ͕ĐƚŝŶŐͲŚĂŝƌ͖Dƌ͘WĂƵů^ŝŵƐ͕Dƌ͘dŚŽŵĂƐ,ŝůů͖Dƌ͘<ƌĂŝŐƵƌƐƚ͕DƐ͘ ZĞŐŝŶĂ^ĞĂďƌŽŽŬ͕DƐ͘ƌŝƚƚĂŶǇtŝůƐŽŶ͕ĂŶĚDƌ͘tĂĚĞ'ŽŽĚĞŶďĞƌŐĞƌ͘ DĞŵďĞƌƐďƐĞŶƚ͗ Dƌ͘DŝĐŚĂĞůtĂůƚĞƌƐ͖Dƌ͘^ƚĞǀĞ^ŚĞƌǁŽŽĚ ^ƚĂĨĨWƌĞƐĞŶƚ͗ Dƌ͘<ĂƌůƵƌŚŽƉ͕WůĂŶŶĞƌ͖Dƌ͘ĂǀĞƵŶŶ͕ƐƐŝƐƚĂŶƚWůĂŶŶŝŶŐŝƌĞĐƚŽƌĂŶĚDƐ͘ĞƚŚĂǀŝƐ͕ ^ĞĐƌĞƚĂƌǇ ^ĞƚKƌĚĞƌKĨŐĞŶĚĂ ͗ Dƌ͘^ŝŵƐŵŽǀĞĚƚŽĂƉƉƌŽǀĞƚŚĞĂŐĞŶĚĂǁŝƚŚƚŚĞƌĞǀŝƐŝŽŶŽĨŵŽǀŝŶŐŚĞĂƌŝŶŐ/ƚĞŵ͘ϭĂĨƚĞƌ/ƚĞŵ͘ϭ͘ Dƌ͘ƵƌƐƚƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘dŚĞŵŽƚŝŽŶĐĂƌƌŝĞĚƵŶĂŶŝŵŽƵƐůǇ͘ ŽŶƐĞŶƚŐĞŶĚĂ ͗ Dƌ͘^ŝŵƐŵĂĚĞĂŵŽƚŝŽŶƚŽĂƉƉƌŽǀĞƚŚĞĨŽůůŽǁŝŶŐĐŽŶƐĞŶƚŝƚĞŵǁŝƚŚƚŚĞĨŽůůŽǁŝŶŐĐŚĂŶŐĞƐ͖;ϭͿĐŽƌƌĞĐƚ ƚŚĞƐƉĞůůŝŶŐŽĨDƌ͘^ŝŵƐŶĂŵĞ͖;ϮͿĂĚĚDƐ͘^ĞĂďƌŽŽŬĐŽŵŵĞŶƚƐŽŶηZϮϬϭϲͲϬϭϴhWŝŶƌĞŐĂƌĚƐƚŽ ƉĞĚĞƐƚƌŝĂŶƐĂĨĞƚǇŶĞĂƌƚŚĞƌĂŝůǁĂǇƚƵŶŶĞů͖ĂŶĚ;ϯͿĐŽƌƌĞĐƚƚŚĞϯŵŽƚŝŽŶƐŵĂĚĞďǇDƌ͘'ŽŽĚĞŶďĞƌŐĞƌ ĨƌŽŵĂ͞ĨĂŝůĞĚ͟ƚŽ͞ƉĂƐƐĞĚ͟ŵŽƚŝŽŶ͘Dƌ͘,ŝůůƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘ x :ƵŶĞϴ͕ϮϬϭϲŵŝŶƵƚĞƐ dŚĞŵŽƚŝŽŶĐĂƌƌŝĞĚƵŶĂŶŝŵŽƵƐůǇ͘ DƐ͘DĞĞŬĞǆƉůĂŝŶĞĚĨŽƌŝƚĞŵƐ&͘ϭ͕&͘ϮĂŶĚ&͘ϯĂƌĞƋƵĞƐƚĨŽƌĐŽŶƚŝŶƵĂƚŝŽŶŚĂƐďĞĞŶƌĞĐĞŝǀĞĚďǇƐƚĂĨĨĨŽƌ :ƵůǇϭϯ͕ϮϬϭϲWŵĞĞƚŝŶŐ͘ ŽŶƚŝŶƵĞĚ/ƚĞŵƐ͗ 'ĞŶĞƌĂůĞǀĞůŽƉŵĞŶƚWůĂŶηZϬϬϯϰϬ'WďǇƵƚƵŵŶ,ĞŝŐŚƚƐŽĨZŽĐŚĞƐƚĞƌ͕>>͕ƚŽďĞŬŶŽǁŶĂƐ&ĂůĐŽŶ ,ĞŝŐŚƚƐŽĨZŽĐŚĞƐƚĞƌ͘dŚĞ'ĞŶĞƌĂůĞǀĞůŽƉŵĞŶƚWůĂŶŝĚĞŶƚŝĨŝĞƐϭϱϴͲƉůĞǆƚŽǁŶŚŽŵĞƐǁŝƚŚĂƌĞĐ ďƵŝůĚŝŶŐ͕ƐƚŽƌŵǁĂƚĞƌƉŽŶĚƐ͕ĂŶĂƉƉƌŽǆŝŵĂƚĞϮ͘ϴϭĂĐƌĞƉĂƌŬĂŶĚŝĚĞŶƚŝĨŝĞƐƚŚĞƐƚƌĞĞƚůĂǇŽƵƚ͘dŚĞ ĚĞǀĞůŽƉŵĞŶƚŝƐůŽĐĂƚĞĚĂƉƉƌŽǆŝŵĂƚĞůǇĂƚƚŚĞĞĂƐƚƚĞƌŵŝŶĂƚŝŽŶŽĨZĞĚ,ĂǁŬƌŝǀĞ^͕ŝŶƚŚĞsĂůůĞǇ ^ŝĚĞƐƚĂƚĞƐdŚƌĞĞƉůĂƚ͘ sĂĐĂƚŝŽŶWĞƚŝƚŝŽŶηZϮϬϭϲͲϬϬϮsďǇ>ƵŵďĞƌKŶĞ͕ǀŽŶ/ŶĐ͕ƚŽǀĂĐĂƚĞĂƉŽƌƚŝŽŶŽĨƌŝŐŚƚͲŽĨͲǁĂǇŽĨZĞĚ ,ĂǁŬƌŝǀĞ^ĂŶĚ&ĂůĐŽŶZŽĂĚ^͘dŚĞĚĞǀĞůŽƉŵĞŶƚŝƐůŽĐĂƚĞĚĂƉƉƌŽǆŝŵĂƚĞůǇĂƚƚŚĞĞĂƐƚ ƚĞƌŵŝŶĂƚŝŽŶƐŽĨZĞĚ,ĂǁŬƌŝǀĞ^ĂŶĚ&ĂůĐŽŶZŽĂĚ^͕ŝŶƚŚĞsĂůůĞǇ^ŝĚĞƐƚĂƚĞƐdŚƌĞĞƉůĂƚ͘ _3DJH 3DFNHW3J )E ŝƚǇWůĂŶŶŝŶŐĂŶĚŽŶŝŶŐŽŵŵŝƐƐŝŽŶDŝŶƵƚĞƐ,ĞĂƌŝŶŐĂƚĞ͗:ƵŶĞϮϮ͕ϮϬϭϲ WƌĞůŝŵŝŶĂƌǇWůĂƚηZϮϬϭϲͲϬϭϵW>dďǇƵƚƵŵŶ,ĞŝŐŚƚƐŽĨZŽĐŚĞƐƚĞƌ͕>>͕ƚŽďĞŬŶŽǁŶĂƐ&ĂůĐŽŶ,ĞŝŐŚƚƐ ŽĨZŽĐŚĞƐƚĞƌ͘dŚĞƉƌĞůŝŵŝŶĂƌǇƉůĂƚĚĞĚŝĐĂƚĞƐƚŚĞĨŽůůŽǁŝŶŐ͗ĂƌĞĂůŝŐŶŵĞŶƚŽĨZĞĚ,ĂǁŬƌŝǀĞ^͕ ,ĂǁƚŚŽƌŶĞŽƵƌƚ͕ĂƚƵƌŶĂƌŽƵŶĚĨŽƌĂƐƚǁŽŽĚZŽĂĚ^ĂŶĚĂƉƵďůŝĐƉĂƌŬ͘dŚĞƉůĂƚƉƌŽƉŽƐĞƐƚŽ ƐƵďĚŝǀŝĚĞƚǁŽďůŽĐŬƐ͕ĞĂĐŚǁŝƚŚŽŶĞůŽƚ͘dŚĞƉůĂƚŝƐůŽĐĂƚĞĚĂƉƉƌŽǆŝŵĂƚĞůǇĂƚƚŚĞĞĂƐƚƚĞƌŵŝŶĂƚŝŽŶƐŽĨ ZĞĚ,ĂǁŬƌŝǀĞ^ĂŶĚ&ĂůĐŽŶZŽĂĚ^͕ŝŶƚŚĞsĂůůĞǇ^ŝĚĞƐƚĂƚĞƐdŚƌĞĞƉůĂƚ͘ Dƌ͘ƵƌŚŽƉƉƌĞƐĞŶƚĞĚƚŚĞƐƚĂĨĨƌĞƉŽƌƚ͕ĚĂƚĞĚ:ƵŶĞϭϲ͕ϮϬϭϲ͕ƚŽƚŚĞŽŵŵŝƐƐŝŽŶ͘dŚĞƐƚĂĨĨƌĞƉŽƌƚŝƐŽŶ ĨŝůĞĂƚƚŚĞZŽĐŚĞƐƚĞƌͲKůŵƐƚĞĚWůĂŶŶŝŶŐĞƉĂƌƚŵĞŶƚ͘ Dƌ͘^ŝŵƐĂƐŬĞĚ^ƚĂĨĨĂďŽƵƚĐŽŶĚŝƚŝŽŶŶŽ͘ϭϱĨŽƌďŽƵůĞǀĂƌĚƚƌĞĞƐ͕ĚŽĞƐƐƚĂĨĨƐƚŝůůƐƚĂŶĚďǇƚŚŝƐĐŽŶĚŝƚŝŽŶ͍ Dƌ͘ƵŶŶŶŽƚĞĚŝƚŝƐƚŚĞĐŚŽŝĐĞŽĨƚŚĞĐŽŵŵŝƐƐŝŽŶŽĨǁŚĞƚŚĞƌŽƌŶŽƚƚŚĞĐŽŶĚŝƚŝŽŶƐŝƐƐƚƌŝĐŬĞŶ͖ƚŚĞ ĐŽŶĚŝƚŝŽŶǁŝůůŶĞĞĚƚŽĐŽŵƉůǇŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞKƌĚŝŶĂŶĐĞ͘ DƐ͘DĞĞŬŽƉĞŶĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ Dƌ͘ŚĂĚĂƌůƐŽŶ͕>ƵŵďĞƌͲKŶĞ͕ůŽĐĂƚĞĚĂƚϭϬϭϮ ŶĚ^ƚƌĞĞƚEt͕ǀŽŶ͕DŝŶŶĞƐŽƚĂϱϲϯϭϬ͕ĂĚĚƌĞƐƐĞĚƚŚĞ ŽŵŵŝƐƐŝŽŶ͘,ĞĚŝƐĐƵƐƐĞĚƚŚĞĚĞƐŝŐŶĚĞƚĂŝůƐĨŽƌƚŚĞĞŶƚƌĂŶĐĞƐ͖ƚŚĞƉƌŽũĞĐƚŝŶĐůƵĚĞƐĂϭϮϬƵŶŝƚƐ͖ƚŚĞ ƚŽƉŽŐƌĂƉŚǇǁŝůůĂůůŽǁĨŽƌĚŝĨĨĞƌĞŶƚƐƚǇůĞƐŽĨŚŽŵĞƐ͖ĂŶĚŚĞĚŽĞƐĂŐƌĞĞǁŝƚŚƚŚĞĐŽŶĚŝƚŝŽŶƐŶŽƚĞĚŝŶƚŚĞ ƐƚĂĨĨƌĞƉŽƌƚ͘ Dƌ͘ƌŝĂŶ^ŵŝƚŚ͕ƌĞƐŝĚŝŶŐϰϮϭϰĂƐƚǁŽŽĚZŽĂĚ^͕ZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂϱϱϵϬϰ͕ĂĚĚƌĞƐƐĞĚƚŚĞ ŽŵŵŝƐƐŝŽŶ͘,ĞƚŚĂŶŬĞĚƚŚĞĚĞǀĞůŽƉĞƌƐĨŽƌǁŽƌŬŝŶŐǁŝƚŚƚŚĞŶĞŝŐŚďŽƌƐ͖ŚĞĚŝĚƌĞƋƵĞƐƚƚŚĞĐĞŶƚĞƌůŝŶĞ ŽĨ,ĂǁƚŚŽƌŶĞŽƵƌƚďĞƐŚŝĨƚĞĚƚŽƚŚĞǁĞƐƚƚŽďĞƚƚĞƌƐĞƌǀĞƚŚĞĂĚũĂĐĞŶƚƉƌŽƉĞƌƚǇŽǁŶĞƌƐ͖ĂŶĚĞǆƉůĂŝŶĞĚ ŚŝƐƌĞĂƐŽŶŝŶŐĨŽƌƚŚĞƌĞƋƵĞƐƚŝŶƌĞůĂƚŝŽŶƚŽƚŚĞƚŽƉŽŐƌĂƉŚǇĂŶĚďĞƚƚĞƌƐĞƌǀŝĐĞ͘ Dƌ͘ŚĂĚĂƌůƐŽŶ͕>ƵŵďĞƌͲKŶĞ͕ůŽĐĂƚĞĚĂƚϭϬϭϮ ŶĚ ^ƚƌĞĞƚEt͕ǀŽŶ͕DŝŶŶĞƐŽƚĂϱϲϯϭϬ͕ĂĚĚƌĞƐƐĞĚƚŚĞ ŽŵŵŝƐƐŝŽŶ͘,ĞƐƚĂƚĞĚŚĞŚĂƐŚĂĚĐŽŶǀĞƌƐĂƚŝŽŶƐǁŝƚŚDƌ͘^ŵŝƚŚŝŶƌĞŐĂƌĚƐƚŽƚŚĞƌŽĂĚǁĂǇƐ͘,ĞŶŽƚĞĚ ƚŚĞǇĂƌĞǁŝůůŝŶŐƚŽůŽŽŬĂƚƚŚĞƐƵŐŐĞƐƚŝŽŶŽĨŵŽǀŝŶŐƚŚĞƌŽĂĚǁĂǇ͘ Dƌ͘ƌŝĂŶ^ŵŝƚŚ͕ƌĞƐŝĚŝŶŐϰϮϭϰĂƐƚǁŽŽĚZŽĂĚ^͕ZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂϱϱϵϬϰ͕ĂĚĚƌĞƐƐĞĚƚŚĞ ŽŵŵŝƐƐŝŽŶ͘,ĞǁŝůůǁŽƌŬǁŝƚŚƚŚĞĚĞǀĞůŽƉĞƌŽŶĐŽŵŝŶŐƚŽĂŶĂŐƌĞĞŵĞŶƚ͘ tŝƚŚŶŽŽŶĞĞůƐĞǁŝƐŚŝŶŐƚŽďĞŚĞĂƌĚ͕DƐ͘DĞĞŬĐůŽƐĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ Dƌ͘ƵƌƐƚŵŽǀĞĚƚŽƌĞĐŽŵŵĞŶĚĂƉƉƌŽǀĂůŽĨ'ĞŶĞƌĂůĞǀĞůŽƉŵĞŶƚWůĂŶηZϬϬϯϰϬ'WǁŝƚŚƚŚĞ ƐƚĂĨĨͲƌĞĐŽŵŵĞŶĚĞĚĨŝŶĚŝŶŐƐĂŶĚĐŽŶĚŝƚŝŽŶƐǁŝƚŚƐƚƌŝŬŝŶŐĐŽŶĚŝƚŝŽŶŶŽ͘ϭϲ͘Dƌ͘,ŝůůƐĞĐŽŶĚĞĚƚŚĞ ŵŽƚŝŽŶ͘dŚĞŵŽƚŝŽŶĐĂƌƌŝĞĚƵŶĂŶŝŵŽƵƐůǇ͘ KE/d/KE^͗ ϭ͘dŚĞƌĞŝƐĂŶĞǆŝƐƚŝŶŐĞǀĞůŽƉŵĞŶƚŐƌĞĞŵĞŶƚĂŶĚƚǁŽ^ƵƉƉůĞŵĞŶƚĂůŐƌĞĞŵĞŶƚƐĂƉƉůŝĐĂďůĞƚŽ ƚŚĞsĂůůĞǇ^ŝĚĞĞǀĞůŽƉŵĞŶƚ͘ĞƌƚĂŝŶƚĞƌŵƐĂŶĚŽďůŝŐĂƚŝŽŶƐŚĂǀĞŶŽƚďĞĞŶŵĞƚ͕ĂŶĚƚŚĞĐƵƌƌĞŶƚ ƉƌŽƉŽƐĂůǀĂƌŝĞƐĨƌŽŵƚŚĞĚĞǀĞůŽƉŵĞŶƚƉůĂŶŶĞĚĂƚƚŚĞƚŝŵĞƚŚĞĞǆŝƐƚŝŶŐŐƌĞĞŵĞŶƚĂŶĚ ^ƵƉƉůĞŵĞŶƚĂůŐƌĞĞŵĞŶƚƐǁĞƌĞĞǆĞĐƵƚĞĚ͘/Ĩ'WĂŶĚ^ƉĞĐŝĂůŝƐƚƌŝĐƚĞůĞŵĞŶƚƐĂƌĞĂƉƉƌŽǀĞĚ ƚŚĂƚĂƌĞŝŶĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞĐƵƌƌĞŶƚsĂůůĞǇ^ŝĚĞĂŐƌĞĞŵĞŶƚƐ͕ƚŚĞKǁŶĞƌĂŶĚŝƚǇ͕ƐŚĂůů ĞǆĞĐƵƚĞĂ^ƵƉƉůĞŵĞŶƚĂůŐƌĞĞŵĞŶƚƚŽĂĚĚƌĞƐƐĂŶǇŝŶĐŽŶƐŝƐƚĞŶĐŝĞƐ͕ƉƌŝŽƌƚŽƌĞĐŽƌĚŝŶŐĂ&ŝŶĂů WůĂƚĂŶĚƉƌŝŽƌƚŽŽďƚĂŝŶŝŶŐ^ŝƚĞĞǀĞůŽƉŵĞŶƚWůĂŶĂƉƉƌŽǀĂůĨŽƌƚŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚŝŶ ƚŚĞĞǀĞŶƚƚŚĞƌĞŝƐŶŽƌĞƉůĂƚ͘ _3DJH 3DFNHW3J )E ŝƚǇWůĂŶŶŝŶŐĂŶĚŽŶŝŶŐŽŵŵŝƐƐŝŽŶDŝŶƵƚĞƐ,ĞĂƌŝŶŐĂƚĞ͗:ƵŶĞϮϮ͕ϮϬϭϲ Ϯ͘dŚĞƐƚĂƚƵƐŽĨƚŚĞ'ƌĂĚŝŶŐĂŶĚ^ƚŽƌŵǁĂƚĞƌDĂŶĂŐĞŵĞŶƚWůĂŶƐŚĂůůďĞĂƉƉƌŽǀĞĚ͕ŽƌĂƉƉƌŽǀĞĚ ǁŝƚŚĐŽŶĚŝƚŝŽŶƐ͕ƉƌŝŽƌƚŽƐƵďŵŝƚƚŝŶŐƚŚĞ&ŝŶĂůWůĂƚ͘^ƵďŵŝƚƚĂůŽĨĂ&ŝŶĂůWůĂƚƉƌŝŽƌƚŽĨŝŶĂů'ƌĂĚŝŶŐ ĂŶĚ^ƚŽƌŵǁĂƚĞƌDĂŶĂŐĞŵĞŶƚWůĂŶĂƉƉƌŽǀĂůŽƌĂƉƉƌŽǀĂůǁŝƚŚĐŽŶĚŝƚŝŽŶƐƌĞƋƵŝƌĞƐĂƵƚŚŽƌŝǌĂƚŝŽŶ ĨƌŽŵƚŚĞŝƚǇŶŐŝŶĞĞƌ͘WĂǇŵĞŶƚŽĨĂŶǇĂƉƉůŝĐĂďůĞ^ƚŽƌŵtĂƚĞƌDĂŶĂŐĞŵĞŶƚWůĂŶƌĞĂŚĂƌŐĞ ;^tDWͿŝƐĚƵĞĐŽŶĐƵƌƌĞŶƚǁŝƚŚ'ƌĂĚŝŶŐWůĂŶĂƉƉƌŽǀĂů͘KǁŶĞƌƐŚŝƉĂŶĚDĂŝŶƚĞŶĂŶĐĞŽĨƚŚĞ ƉƌŽƉŽƐĞĚŽŶͲƐŝƚĞƉƌŝǀĂƚĞƐƚŽƌŵǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚĨĂĐŝůŝƚŝĞƐƐŚĂůůďĞĂĚĚƌĞƐƐĞĚďǇŐƌĞĞŵĞŶƚ ǁŝƚŚƚŚĞŝƚǇ͕ƉƌŝŽƌƚŽƌĞĐŽƌĚŝŶŐƚŚĞ&ŝŶĂůWůĂƚ͘/ƚĂƉƉĞĂƌƐƚŚĂƚƚŚĞƉƌŽǆŝŵŝƚǇŽĨĐĞƌƚĂŝŶ ŝŵƉƌŽǀĞŵĞŶƚƐƚŽƚŚĞƐŽƵƚŚWƌŽƉĞƌƚǇůŝŶĞǁŝůůƌĞƋƵŝƌĞŽĨĨͲƐŝƚĞƚĞŵƉŽƌĂƌǇŐƌĂĚŝŶŐĞĂƐĞŵĞŶƚƐ͘ WƌŝŽƌƚŽŽƌĐŽŶĐƵƌƌĞŶƚǁŝƚŚ&ŝŶĂůWůĂƚĂƉƉƌŽǀĂů͕ƚŚĞĂƉƉůŝĐĂŶƚƐŚŽƵůĚĚĞŵŽŶƐƚƌĂƚĞƚŚĂƚƚŚĞǇ ŚĂǀĞĞĂƐĞŵĞŶƚƐŝŶƉůĂĐĞ͕ŽƌƚŚĂƚƚŚĞǇĐĂŶĐŽŶƐƚƌƵĐƚĂůůŽŶͲƐŝƚĞŝŵƉƌŽǀĞŵĞŶƚƐǁŝƚŚŽƵƚŐƌĂĚŝŶŐ ŽĨĨͲƐŝƚĞ͘ ϯ͘dŚĞĂƉƉůŝĐĂŶƚŝƐĨŝŶĂŶĐŝĂůůǇŽďůŝŐĂƚĞĚĨŽƌƚŚĞĐŽƐƚƚŽŝŵƉƌŽǀĞĂƐƚǁŽŽĚZĚ^ĨƌŽŵϰϬƚŚǀĞ^ ƚŽĂŶĚŝŶĐůƵĚŝŶŐƚŚĞƉƌŽƉŽƐĞĚƉƵďůŝĐĐƵůͲĚĞͲƐĂĐďƵůďĂƚƚŚĞƐŽƵƚŚǁĞƐƚĐŽƌŶĞƌŽĨƚŚĞWƌŽƉĞƌƚǇ͘ dŚĞƐĞŝŵƉƌŽǀĞŵĞŶƚƐƐŚĂůůďĞĐŽŵƉůĞƚĞĚĐŽŶĐƵƌƌĞŶƚǁŝƚŚĚĞǀĞůŽƉŵĞŶƚŽĨƚŚĞWƌŽƉĞƌƚǇĂŶĚ ƚŚƌŽƵŐŚĂŝƚǇͲKǁŶĞƌŽŶƚƌĂĐƚ͘ ϰ͘^ŝŶĐĞĂƐƚǁŽŽĚZĚ^ŝƐŶŽůŽŶŐĞƌƉůĂŶŶĞĚƚŽĞǆƚĞŶĚĞĂƐƚĞƌůǇĂĐƌŽƐƐƚŚŝƐWƌŽƉĞƌƚǇĂƐĂƉƵďůŝĐ ƌŽĂĚ͕ĂƉƵďůŝĐƚƵƌŶͲĂƌŽƵŶĚŝƐŶĞĞĚĞĚĂƚƚŚĞƐŽƵƚŚĞƌůǇĞǆƚĞŶĚŽĨ,ĂǁƚŚŽƌŶĞŽƵƌƚ^ǁŚŝĐŚƐŚĂůů ďĞĐŽŶƐƚƌƵĐƚĞĚĂƐƉĂƌƚŽĨƚŚĞŝƚǇͲKǁŶĞƌŽŶƚƌĂĐƚƉƵďůŝĐŝŵƉƌŽǀĞŵĞŶƚƐĨŽƌ&ĂůĐŽŶ,ĞŝŐŚƚƐŽĨ ZŽĐŚĞƐƚĞƌ͘dŚĞĂƉƉůŝĐĂŶƚǁŝůůďĞƌĞƋƵŝƌĞĚƚŽŽďƚĂŝŶĂŶǇĂƉƉůŝĐĂďůĞŽĨĨͲƐŝƚĞĞĂƐĞŵĞŶƚƐĨŽƌ ŐƌĂĚŝŶŐƵŶůĞƐƐƚŚĞĚĞƐŝŐŶĚĞŵŽŶƐƚƌĂƚĞƐƚŚĂƚƚŚĞƚƵƌŶͲĂƌŽƵŶĚĐĂŶďĞĐŽŶƐƚƌƵĐƚĞĚǁŝƚŚŽƵƚ ŐƌĂĚŝŶŐŽĨĨͲƐŝƚĞ͘ ϱ͘dŚŝƐĚĞǀĞůŽƉŵĞŶƚŝƐĐŽŶĚŝƚŝŽŶĞĚŽŶŽƵŶĐŝůĂƉƉƌŽǀĂůŽĨƚŚĞƉƌŽƉŽƐĞĚǀĂĐĂƚŝŽŶĨŽƌƉŽƌƚŝŽŶƐŽĨ ƚŚĞZĞĚ,ĂǁŬƌ^Θ&ĂůĐŽŶZĚ^ƌŝŐŚƚƐͲŽĨͲǁĂǇ͘dŚĞƌĞĂƌĞĞǆŝƐƚŝŶŐƉƵďůŝĐƵƚŝůŝƚŝĞƐǁŝƚŚŝŶZĞĚ ,ĂǁŬƌ^Θ&ĂůĐŽŶZĚ^͘dŚĞĚĞǀĞůŽƉĞƌǁŝůůďĞŽďůŝŐĂƚĞĚƚŽƉůĂƚƉƵďůŝĐĞĂƐĞŵĞŶƚƐƚŽ ĂĐĐŽŵŵŽĚĂƚĞƚŚĞĞǆŝƐƚŝŶŐƉƵďůŝĐƵƚŝůŝƚŝĞƐƐƵĐŚƚŚĂƚĂƉƵďůŝĐĞĂƐĞŵĞŶƚĞǆƚĞŶĚƐĂƚůĞĂƐƚϭϬĨƚ ĨƌŽŵƚŚĞĐĞŶƚĞƌůŝŶĞŽĨĂůůƉƵďůŝĐƵƚŝůŝƚŝĞƐ͘ ϲ͘dŚĞĚĞǀĞůŽƉĞƌŝƐŽďůŝŐĂƚĞĚƚŽĚĞĚŝĐĂƚĞĂůůĂƉƉůŝĐĂďůĞƉƵďůŝĐĞĂƐĞŵĞŶƚĨŽƌŶĞǁŝŶĨƌĂƐƚƌƵĐƚƵƌĞ ƚŚĂƚŝƐŶĞĞĚĞĚĨŽƌƚŚŝƐĚĞǀĞůŽƉŵĞŶƚ͘^ĂŝĚĚĞĚŝĐĂƚŝŽŶƐŚĂůůďĞǀŝĂƚŚĞƉůĂƚǁŚĞƌĞĂƉƉůŝĐĂďůĞ͕ĂŶĚ ǀŝĂƐĞƉĂƌĂƚĞĚŽĐƵŵĞŶƚŝĨĞǆĂĐƚĂůŝŐŶŵĞŶƚƐĂƌĞŶŽƚŬŶŽǁŶĂƚƚŚĞƚŝŵĞŽĨ&ŝŶĂůWůĂƚ͘ ϳ͘WƵďůŝĐtŽƌŬƐƐƵƉƉŽƌƚĨŽƌƚŚĞƉƌŽƉŽƐĞĚƐƚƌĞĞƚƌĞĂůŝŐŶŵĞŶƚǁŝƚŚŝŶƚŚĞĞĂƐƚĞƌůǇĂŶĚƐŽƵƚŚĞƌůǇ ƉŽƌƚŝŽŶŽĨƚŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚŝƐĐŽŶƚŝŶŐĞŶƚŽŶƚŚĞKǁŶĞƌƌĞĂĐŚŝŶŐĂŶĂŐƌĞĞŵĞŶƚǁŝƚŚ ƚŚĞŝƚǇWĂƌŬƐĞƉĂƌƚŵĞŶƚƌĞŐĂƌĚŝŶŐŵĂŝŶƚĞŶĂŶĐĞŽĨƉĞĚĞƐƚƌŝĂŶĨĂĐŝůŝƚŝĞƐ;ŝŶĐůƵĚŝŶŐƐŶŽǁ ƌĞŵŽǀĂůͿĂůŽŶŐƚŚĞƉƵďůŝĐƌŽĂĚĨƌŽŶƚĂŐĞƐŽĨƚŚĞƉƌŽƉŽƐĞĚƉĂƌŬůĂŶĚ͕ĂƐǁĞůůĂƐ͕ŵĂŝŶƚĞŶĂŶĐĞŽĨ ƚŚĞƉƌŽƉŽƐĞĚƐƚŽƌŵǁĂƚĞƌƉŽŶĚĨĞĂƚƵƌĞǁŝƚŚŝŶƚŚĞƉƌŽƉŽƐĞĚƉŽŶĚƉĂƌĐĞů͘WĞĚĞƐƚƌŝĂŶ&ĂĐŝůŝƚŝĞƐ ĂƌĞƌĞƋƵŝƌĞĚĂůŽŶŐďŽƚŚĨƌŽŶƚĂŐĞƐŽĨĂůůƉƵďůŝĐƐƚƌĞĞƚƐǁŝƚŚŝŶͬĂďƵƚƚŝŶŐƚŚŝƐĚĞǀĞůŽƉŵĞŶƚ͘/Ŷ ĂĚĚŝƚŝŽŶ͕ĂůůĚƌŝǀĞǁĂǇƐƐŚĂůůďĞĐŽŶƐƚƌƵĐƚĞĚĂƐƐƚĂŶĚĂƌĚ͞dǇƉĞ͟ĂƉƉƌŽĂĐŚĞƐǁŝƚŚĂƐŝĚĞǁĂůŬ ƐĞĐƚŝŽŶ͘/ƚŝƐƵŶĐůĞĂƌŝĨƚŚĞƐĞĐƌŝƚĞƌŝĂǁĞƌĞƉƌŽƉŽƐĞĚƚŽďĞŵĞƚĨƌŽŵƚŚĞĚĞƚĂŝůƐƐŚŽǁŶŽŶƚŚĞ 'W͘ ϴ͘ǆĞĐƵƚŝŽŶŽĨĂŝƚǇͲKǁŶĞƌŽŶƚƌĂĐƚ͕ĂŶĚĚĞĚŝĐĂƚŝŽŶŽĨĂŶǇĂƉƉůŝĐĂďůĞƉƵďůŝĐĞĂƐĞŵĞŶƚƐ;ŶŽƚ ƐŚŽǁŶŽŶƚŚĞƉůĂƚͿŝƐƌĞƋƵŝƌĞĚƉƌŝŽƌĨŽƌĂŶǇŶĞǁͬĂĚĚŝƚŝŽŶĂůƉƵďůŝĐŝŶĨƌĂƐƚƌƵĐƚƵƌĞŶĞĞĚĞĚƚŽ ƐĞƌǀĞƚŚŝƐĚĞǀĞůŽƉŵĞŶƚ͘WƵďůŝĐƐŝĚĞǁĂůŬĂůŽŶŐƚŚĞĨƌŽŶƚĂŐĞƐŽĨƚŚĞƉƌŽƉŽƐĞĚƉĂƌŬůĂŶĚƐŚĂůůďĞ _3DJH 3DFNHW3J )E ŝƚǇWůĂŶŶŝŶŐĂŶĚŽŶŝŶŐŽŵŵŝƐƐŝŽŶDŝŶƵƚĞƐ,ĞĂƌŝŶŐĂƚĞ͗:ƵŶĞϮϮ͕ϮϬϭϲ ĐŽŶƐƚƌƵĐƚĞĚĂƚƚŚĞĚĞǀĞůŽƉĞƌ͛ƐĞǆƉĞŶƐĞĂŶĚƚŚĞǁŽƌŬŝŶĐůƵĚĞŝŶƚŚĞŽŶƚƌĂĐƚ͘WƌĞůŝŵŝŶĂƌǇ ŽŶƐƚƌƵĐƚŝŽŶWůĂŶĐŽŵŵĞŶƚƐǁŝůůďĞƉƌŽǀŝĚĞĚƐĞƉĂƌĂƚĞůǇƚŽƚŚĞĂƉƉůŝĐĂŶƚ͛ƐĐŽŶƐƵůƚŝŶŐĞŶŐŝŶĞĞƌ͘ ϵ͘dŚĞƌĞĂƌĞĐĞƌƚĂŝŶĚĞǀĞůŽƉŵĞŶƚĐŚĂƌŐĞŽďůŝŐĂƚŝŽŶƐĐŽŶƚĂŝŶĞĚŝŶƚŚĞ^ĞĐŽŶĚ^ƵƉƉůĞŵĞŶƚĂů ŐƌĞĞŵĞŶƚƚŚĂƚĂƌĞĚƵĞĂƚƚŚĞƉƌĞƐĞŶƚƚŝŵĞ;ǁŝƚŚŽƌǁŝƚŚŽƵƚƚŚŝƐƉƌŽũĞĐƚŵŽǀŝŶŐĨŽƌǁĂƌĚͿ͘Ŷ ŝŶǀŽŝĐĞĨŽƌƚŚĞƐĞŽďůŝŐĂƚŝŽŶƐǁŝůůďĞƐĞŶƚƐŚŽƌƚůǇĂŶĚƉĂǇŵĞŶƚŝƐĚƵĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞƚĞƌŵƐ ŽĨƚŚĞĂŐƌĞĞŵĞŶƚ͘ ϭϬ͘KŶĞĂĚĚŝƚŝŽŶĂůĨŝƌĞŚǇĚƌĂŶƚŝŶƚŚĞEtĐŽƌŶĞƌŽĨƚŚĞĚĞǀĞůŽƉŵĞŶƚ͕ďĞƚǁĞĞŶƚŚĞƚǁŽ͚͛ ďƵŝůĚŝŶŐƐ͕ƐŚĂůůďĞĂĚĚĞĚĨŽƌƉƌŽƉĞƌƚǇǁĂƚĞƌƐƵƉƉůǇĨŽƌĞŵĞƌŐĞŶĐǇĨŝƌĞŽƉĞƌĂƚŝŽŶƐŽŶƚŚĞďĂĐŬ ƐŝĚĞ;ǁĞƐƚͿŽĨƚŚŽƐĞďƵŝůĚŝŶŐƐ͘ ϭϭ͘ŶǇƐƚŽƌŵǁĂƚĞƌĨĂĐŝůŝƚŝĞƐƐŚĂůůďĞƌĞƋƵŝƌĞĚƚŽŚĂǀĞĂĚƌĂŝŶĂŐĞĞĂƐĞŵĞŶƚ͘ ϭϮ͘dŚĞǁĂƚĞƌŵĂŝŶŵƵƐƚďĞƌƵŶƚŚƌŽƵŐŚƚŚĞĂƌĞĂƐŽƵƚƐŝĚĞŽĨƚŚĞƉƵďůŝĐƐƚƌĞĞƚƐŝŶƐƵĐŚĂǁĂǇĂƐƚŽ ƉƌŽǀŝĚĞĂĚĞƋƵĂƚĞůŽŽƉŝŶŐŽĨƚŚĞƐǇƐƚĞŵĨŽƌĨŝƌĞƉƌŽƚĞĐƚŝŽŶĂŶĚǁĂƚĞƌƋƵĂůŝƚǇĂŶĚǁĂƚĞƌŵĂŝŶƐ ŵƵƐƚďĞĞǆƚĞŶĚĞĚƚŽĂĚũĂĐĞŶƚƉƌŽƉĞƌƚŝĞƐƉĞƌZWhƌĞƋƵŝƌĞŵĞŶƚƐ͘ ϭϯ͘dŚĞϰϬͲĂĐƌĞĚĞǀĞůŽƉŵĞŶƚƐŚĂůůďĞůŝŵŝƚĞĚƚŽϭ͕ϮϬϬĂǀĞƌĂŐĞĚĂŝůǇƚƌŝƉƐƵŶƚŝůƚŚĞƉƌŽƉŽƐĞĚ ƐĞĐŽŶĚĂƌǇĂĐĐĞƐƐŝƐƉƌŽǀŝĚĞĚ͖ƚŚŝƐŝƐϳϮƵŶŝƚƐʹĐŽŵƉůĞƚŝŽŶŽĨƚŚĞƉƌŽƉŽƐĞĚƐĞĐŽŶĚĂƌǇĂĐĐĞƐƐ ŵƵƐƚŽĐĐƵƌƚŽĂůůŽǁĐŽŶƐƚƌƵĐƚŝŽŶŽĨƚŚĞϳϯƵŶŝƚĂŶĚďĞǇŽŶĚ͘ ƌĚ ϭϰ͘ĞĚŝĐĂƚŝŽŶŽĨĂϭϬĨŽŽƚǁŝĚĞƉůĂƚƚĞĚƉƵďůŝĐƵƚŝůŝƚǇĞĂƐĞŵĞŶƚƐĂƌĞƌĞƋƵŝƌĞĚĂůŽŶŐƚŚĞĨƌŽŶƚĂŐĞƐ ŽĨĂůůƉƵďůŝĐƐƚƌĞĞƚƐ͘ ϭϱ͘dŚĞWĂƌŬĂŶĚZĞĐƌĞĂƚŝŽŶĞƉĂƌƚŵĞŶƚƌĞĐŽŵŵĞŶĚƐƚŚĂƚĚĞĚŝĐĂƚŝŽŶƌĞƋƵŝƌĞŵĞŶƚƐďĞŵĞƚǀŝĂ͗ ĐŽŵďŝŶĂƚŝŽŶŽĨůĂŶĚĂŶĚĐĂƐŚǁŝƚŚůĂŶĚĚĞĚŝĐĂƚŝŽŶĂŶĚƉĂǇŵĞŶƚĚƵĞƉƌŝŽƌƚŽƌĞĐŽƌĚĂƚŝŽŶŽĨƚŚĞ ĨŝŶĂůƉůĂƚ͘>ĂŶĚĚĞĚŝĐĂƚŝŽŶƚŽďĞƚŚĞϮ͘ϴϭĂĐƌĞůŽƚƐŚŽǁŶŽŶƚŚĞ'W͘ ϭϲ͘ŽƵůĞǀĂƌĚƚƌĞĞƐǁŝůůďĞƌĞƋƵŝƌĞĚĨŽƌƚŚĞĚĞǀĞůŽƉŵĞŶƚ͘WƌŝŽƌƚŽƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨƚŚĞ ƉƌŽƉĞƌƚǇ͕ƚŚĞKǁŶĞƌƐŚĂůůĚĞƚĞƌŵŝŶĞǁŚŝĐŚŽĨƚŚĞƚǁŽĂǀĂŝůĂďůĞŽƉƚŝŽŶƐ͕WĂǇŵĞŶƚDĞƚŚŽĚŽƌ /ŶƐƚĂůůŽƵůĞǀĂƌĚdƌĞĞƐ͕ǁŝůůďĞƵƐĞĚƚŽŵĞĞƚƚŚĞŝƌďŽƵůĞǀĂƌĚƚƌĞĞŽďůŝŐĂƚŝŽŶƐĨŽƌĞĂĐŚƉŚĂƐĞŽĨ ƚŚĞĚĞǀĞůŽƉŵĞŶƚ͘dƌĞĞƐƐŚĂůůďĞƉůĂŶƚĞĚĞǀĞƌǇϱϬĨĞĞƚ͘ ϭϳ͘dŚĞĂƉƉůŝĐĂŶƚƐŚĂůůƐƵďŵŝƚĂƌĞǀŝƐĞĚ'WƚŽWůĂŶŶŝŶŐǁŝƚŚƚŚĞĨŽůůŽǁŝŶŐƌĞǀŝƐŝŽŶƐ͗ Ă͘^ƚƌŝŬĞďƵĨĨĞƌǇĂƌĚŝŶĨŽƌŵĂƚŝŽŶĨƌŽŵƚŚĞ'W͘ ď͘hŶĚĞƌ͚'ĞŶĞƌĂůĞǀĞůŽƉŵĞŶƚWůĂŶƐ͕͛ůĞƚƚĞƌ͚͕͛͘ƐƚƌŝŬĞƌĞĨĞƌĞŶĐĞƐƚŽƚŚĞ^ƉĞĐŝĂůŝƐƚƌŝĐƚ͘ dŚĞǌŽŶŝŶŐĨŽƌƚŚĞƚŽǁŶŚŽŵĞĚĞǀĞůŽƉŵĞŶƚƉŽƌƚŝŽŶŽĨƚŚĞƐŝƚĞŝƐZͲϮ͘dŚĞƉĂƌŬůĂŶĚĂƌĞĂ ŝƐ^ƉĞĐŝĂůŝƐƚƌŝĐƚ͘ Dƌ͘ƵƌƐƚŵŽǀĞĚƚŽƌĞĐŽŵŵĞŶĚĂƉƉƌŽǀĂůŽĨsĂĐĂƚŝŽŶWĞƚŝƚŝŽŶηZϮϬϭϲͲϬϬϮsǁŝƚŚƚŚĞƐƚĂĨĨͲ ƌĞĐŽŵŵĞŶĚĞĚĐŽŶĚŝƚŝŽŶƐ͘Dƌ͘^ŝŵƐƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘dŚĞŵŽƚŝŽŶĐĂƌƌŝĞĚƵŶĂŶŝŵŽƵƐůǇ͘ KE/d/KE^͗ ϭ͘WƵďůŝĐtŽƌŬƐŚĂƐŶŽŽďũĞĐƚŝŽŶƚŽƚŚĞƉƌŽƉŽƐĞĚǀĂĐĂƚŝŽŶ͕ƉƌŽǀŝĚĞĚƉƵďůŝĐƵƚŝůŝƚǇĂŶĚĚƌĂŝŶĂŐĞ ĞĂƐĞŵĞŶƚƐĂƌĞĚĞĚŝĐĂƚĞĚŽǀĞƌƚŚĞĂůŝŐŶŵĞŶƚŽĨĞǆŝƐƚŝŶŐĂŶĚƉƌŽƉŽƐĞĚƉƵďůŝĐŝŶĨƌĂƐƚƌƵĐƚƵƌĞ ĐŽŶĐƵƌƌĞŶƚǁŝƚŚƚŚĞ&ĂůĐŽŶ,ĞŝŐŚƚƐŽĨZŽĐŚĞƐƚĞƌ&ŝŶĂůWůĂƚ͘dŚĞĞĂƐĞŵĞŶƚƐƐŚĂůůďĞŽĨƐƵĨĨŝĐŝĞŶƚ ǁŝĚƚŚƚŽŝŶĐůƵĚĞϭϬĨĞĞƚĨƌŽŵĐĞŶƚĞƌůŝŶĞŽŶĞŝƚŚĞƌƐŝĚĞŽĨƚŚĞĞǆŝƐƚŝŶŐŽƌƉƌŽƉŽƐĞĚƵƚŝůŝƚŝĞƐ͘ _3DJH 3DFNHW3J )E ŝƚǇWůĂŶŶŝŶŐĂŶĚŽŶŝŶŐŽŵŵŝƐƐŝŽŶDŝŶƵƚĞƐ,ĞĂƌŝŶŐĂƚĞ͗:ƵŶĞϮϮ͕ϮϬϭϲ Ϯ͘dŚĞǀĂĐĂƚŝŽŶƌĞƐŽůƵƚŝŽŶƐŚĂůůďĞƌĞĐŽƌĚĞĚĐŽŶĐƵƌƌĞŶƚůǇǁŝƚŚƚŚĞ&ŝŶĂůWůĂƚĨŽƌ&ĂůĐŽŶ,ĞŝŐŚƚƐŽĨ ZŽĐŚĞƐƚĞƌ͘ Dƌ͘ƵƌƐƚŵŽǀĞĚƚŽƌĞĐŽŵŵĞŶĚĂƉƉƌŽǀĂůŽĨWƌĞůŝŵŝŶĂƌǇWůĂƚηZϮϬϭϲͲϬϭϵW>dƚŽďĞŬŶŽǁŶĂƐ &ĂůĐŽŶ,ĞŝŐŚƚƐŽĨZŽĐŚĞƐƚĞƌǁŝƚŚƚŚĞƐƚĂĨĨͲƌĞĐŽŵŵĞŶĚĞĚĐŽŶĚŝƚŝŽŶƐǁŝƚŚƚŚĞƐƚƌŝŬŝŶŐŽĨĐŽŶĚŝƚŝŽŶ ŶŽ͘ϭϳ͘Dƌ͘,ŝůůƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘dŚĞŵŽƚŝŽŶĐĂƌƌŝĞĚƵŶĂŶŝŵŽƵƐůǇ͘ KE/d/KE^͗ ϭͿWƌŝŽƌƚŽƚŚĞƐĐŚĞĚƵůŝŶŐƚŚĞWƌĞůŝŵŝŶĂƌǇWůĂƚĨŽƌŝƚǇŽƵŶĐŝů͕ƚŚĞĂƉƉůŝĐĂŶƚƐŚĂůůƐƵďŵŝƚ ƉƌĞůŝŵŝŶĂƌǇƉůĂŶŽĨƐĂŶŝƚĂƌǇĂŶĚƐƚŽƌŵǁĂƚĞƌƐĞǁĞƌĨĂĐŝůŝƚŝĞƐ͕ǁŝƚŚŐƌĂĚĞƐ͕ƉŝƉĞƐŝǌĞƐĂŶĚ ĐƌŽƐƐͲƐĞĐƚŝŽŶĂůĂƌĞĂƐŝŶĚŝĐĂƚĞĚ͕ĂŶĚǁĂƚĞƌŵĂŝŶůŽĐĂƚŝŽŶĂŶĚƐŝǌĞƐĂŶĚĐƌŽƐƐͲƐĞĐƚŝŽŶĂůĂƌĞĂƐ ;ƉƌŽĨŝůĞƐͿ ϮͿdŚĞƌĞŝƐĂŶĞǆŝƐƚŝŶŐĞǀĞůŽƉŵĞŶƚŐƌĞĞŵĞŶƚĂŶĚƚǁŽ^ƵƉƉůĞŵĞŶƚĂůŐƌĞĞŵĞŶƚƐĂƉƉůŝĐĂďůĞ ƚŽƚŚĞsĂůůĞǇ^ŝĚĞĞǀĞůŽƉŵĞŶƚ͘ĞƌƚĂŝŶƚĞƌŵƐĂŶĚŽďůŝŐĂƚŝŽŶƐŚĂǀĞŶŽƚďĞĞŶŵĞƚ͕ĂŶĚƚŚĞ ĐƵƌƌĞŶƚƉƌŽƉŽƐĂůǀĂƌŝĞƐĨƌŽŵƚŚĞĚĞǀĞůŽƉŵĞŶƚƉůĂŶŶĞĚĂƚƚŚĞƚŝŵĞƚŚĞĞǆŝƐƚŝŶŐŐƌĞĞŵĞŶƚ ĂŶĚ^ƵƉƉůĞŵĞŶƚĂůŐƌĞĞŵĞŶƚƐǁĞƌĞĞǆĞĐƵƚĞĚ͘/Ĩ'WĂŶĚ^ƉĞĐŝĂůŝƐƚƌŝĐƚĞůĞŵĞŶƚƐĂƌĞ ĂƉƉƌŽǀĞĚƚŚĂƚĂƌĞŝŶĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞĐƵƌƌĞŶƚsĂůůĞǇ^ŝĚĞĂŐƌĞĞŵĞŶƚƐ͕ƚŚĞKǁŶĞƌĂŶĚ ŝƚǇ͕ƐŚĂůůĞǆĞĐƵƚĞĂ^ƵƉƉůĞŵĞŶƚĂůŐƌĞĞŵĞŶƚƚŽĂĚĚƌĞƐƐĂŶǇŝŶĐŽŶƐŝƐƚĞŶĐŝĞƐ͕ƉƌŝŽƌƚŽ ƌĞĐŽƌĚŝŶŐĂ&ŝŶĂůWůĂƚĂŶĚƉƌŝŽƌƚŽŽďƚĂŝŶŝŶŐ^ŝƚĞĞǀĞůŽƉŵĞŶƚWůĂŶĂƉƉƌŽǀĂůĨŽƌƚŚĞ ƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚŝŶƚŚĞĞǀĞŶƚƚŚĞƌĞŝƐŶŽƌĞƉůĂƚ͘ ϯͿdŚĞƐƚĂƚƵƐŽĨƚŚĞ'ƌĂĚŝŶŐĂŶĚ^ƚŽƌŵǁĂƚĞƌDĂŶĂŐĞŵĞŶƚWůĂŶƐŚĂůůďĞĂƉƉƌŽǀĞĚ͕Žƌ ĂƉƉƌŽǀĞĚǁŝƚŚĐŽŶĚŝƚŝŽŶƐ͕ƉƌŝŽƌƚŽƐƵďŵŝƚƚŝŶŐƚŚĞ&ŝŶĂůWůĂƚ͘^ƵďŵŝƚƚĂůŽĨĂ&ŝŶĂůWůĂƚƉƌŝŽƌ ƚŽĨŝŶĂů'ƌĂĚŝŶŐĂŶĚ^ƚŽƌŵǁĂƚĞƌDĂŶĂŐĞŵĞŶƚWůĂŶĂƉƉƌŽǀĂůŽƌĂƉƉƌŽǀĂůǁŝƚŚĐŽŶĚŝƚŝŽŶƐ ƌĞƋƵŝƌĞƐĂƵƚŚŽƌŝǌĂƚŝŽŶĨƌŽŵƚŚĞŝƚǇŶŐŝŶĞĞƌ͘WĂǇŵĞŶƚŽĨĂŶǇĂƉƉůŝĐĂďůĞ^ƚŽƌŵtĂƚĞƌ DĂŶĂŐĞŵĞŶƚWůĂŶƌĞĂŚĂƌŐĞ;^tDWͿŝƐĚƵĞĐŽŶĐƵƌƌĞŶƚǁŝƚŚ'ƌĂĚŝŶŐWůĂŶĂƉƉƌŽǀĂů͘ KǁŶĞƌƐŚŝƉĂŶĚDĂŝŶƚĞŶĂŶĐĞŽĨƚŚĞƉƌŽƉŽƐĞĚŽŶͲƐŝƚĞƉƌŝǀĂƚĞƐƚŽƌŵǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚ ĨĂĐŝůŝƚŝĞƐƐŚĂůůďĞĂĚĚƌĞƐƐĞĚďǇŐƌĞĞŵĞŶƚǁŝƚŚƚŚĞŝƚǇ͕ƉƌŝŽƌƚŽƌĞĐŽƌĚŝŶŐƚŚĞ&ŝŶĂůWůĂƚ͘/ƚ ĂƉƉĞĂƌƐƚŚĂƚƚŚĞƉƌŽǆŝŵŝƚǇŽĨĐĞƌƚĂŝŶŝŵƉƌŽǀĞŵĞŶƚƐƚŽƚŚĞƐŽƵƚŚWƌŽƉĞƌƚǇůŝŶĞǁŝůůƌĞƋƵŝƌĞ ŽĨĨͲƐŝƚĞƚĞŵƉŽƌĂƌǇŐƌĂĚŝŶŐĞĂƐĞŵĞŶƚƐ͘WƌŝŽƌƚŽŽƌĐŽŶĐƵƌƌĞŶƚǁŝƚŚ&ŝŶĂůWůĂƚĂƉƉƌŽǀĂů͕ƚŚĞ ĂƉƉůŝĐĂŶƚƐŚŽƵůĚĚĞŵŽŶƐƚƌĂƚĞƚŚĂƚƚŚĞǇŚĂǀĞĞĂƐĞŵĞŶƚƐŝŶƉůĂĐĞ͕ŽƌƚŚĂƚƚŚĞǇĐĂŶĐŽŶƐƚƌƵĐƚ ĂůůŽŶͲƐŝƚĞŝŵƉƌŽǀĞŵĞŶƚƐǁŝƚŚŽƵƚŐƌĂĚŝŶŐŽĨĨͲƐŝƚĞ͘ ϰͿdŚĞĂƉƉůŝĐĂŶƚŝƐĨŝŶĂŶĐŝĂůůǇŽďůŝŐĂƚĞĚĨŽƌƚŚĞĐŽƐƚƚŽŝŵƉƌŽǀĞĂƐƚǁŽŽĚZĚ^ĨƌŽŵϰϬƚŚǀĞ ^ƚŽĂŶĚŝŶĐůƵĚŝŶŐƚŚĞƉƌŽƉŽƐĞĚƉƵďůŝĐĐƵůͲĚĞͲƐĂĐďƵůďĂƚƚŚĞƐŽƵƚŚǁĞƐƚĐŽƌŶĞƌŽĨƚŚĞ WƌŽƉĞƌƚǇ͘dŚĞƐĞŝŵƉƌŽǀĞŵĞŶƚƐƐŚĂůůďĞĐŽŵƉůĞƚĞĚĐŽŶĐƵƌƌĞŶƚǁŝƚŚĚĞǀĞůŽƉŵĞŶƚŽĨƚŚĞ WƌŽƉĞƌƚǇĂŶĚƚŚƌŽƵŐŚĂŝƚǇͲKǁŶĞƌŽŶƚƌĂĐƚ͘ ϱͿ^ŝŶĐĞĂƐƚǁŽŽĚZĚ^ŝƐŶŽůŽŶŐĞƌƉůĂŶŶĞĚƚŽĞǆƚĞŶĚĞĂƐƚĞƌůǇĂĐƌŽƐƐƚŚŝƐWƌŽƉĞƌƚǇĂƐĂ ƉƵďůŝĐƌŽĂĚ͕ĂƉƵďůŝĐƚƵƌŶͲĂƌŽƵŶĚŝƐŶĞĞĚĞĚĂƚƚŚĞƐŽƵƚŚĞƌůǇĞǆƚĞŶĚŽĨ,ĂǁƚŚŽƌŶĞŽƵƌƚ^ ǁŚŝĐŚƐŚĂůůďĞĐŽŶƐƚƌƵĐƚĞĚĂƐƉĂƌƚŽĨƚŚĞŝƚǇͲKǁŶĞƌŽŶƚƌĂĐƚƉƵďůŝĐŝŵƉƌŽǀĞŵĞŶƚƐĨŽƌ &ĂůĐŽŶ,ĞŝŐŚƚƐŽĨZŽĐŚĞƐƚĞƌ͘dŚĞĂƉƉůŝĐĂŶƚǁŝůůďĞƌĞƋƵŝƌĞĚƚŽŽďƚĂŝŶĂŶǇĂƉƉůŝĐĂďůĞŽĨĨͲƐŝƚĞ ĞĂƐĞŵĞŶƚƐĨŽƌŐƌĂĚŝŶŐƵŶůĞƐƐƚŚĞĚĞƐŝŐŶĚĞŵŽŶƐƚƌĂƚĞƐƚŚĂƚƚŚĞƚƵƌŶͲĂƌŽƵŶĚĐĂŶďĞ ĐŽŶƐƚƌƵĐƚĞĚǁŝƚŚŽƵƚŐƌĂĚŝŶŐŽĨĨͲƐŝƚĞ͘ ϲͿdŚŝƐĚĞǀĞůŽƉŵĞŶƚŝƐĐŽŶĚŝƚŝŽŶĞĚŽŶŽƵŶĐŝůĂƉƉƌŽǀĂůŽĨƚŚĞƉƌŽƉŽƐĞĚǀĂĐĂƚŝŽŶĨŽƌƉŽƌƚŝŽŶƐ ŽĨƚŚĞZĞĚ,ĂǁŬƌ^Θ&ĂůĐŽŶZĚ^ƌŝŐŚƚƐͲŽĨͲǁĂǇ͘dŚĞƌĞĂƌĞĞǆŝƐƚŝŶŐƉƵďůŝĐƵƚŝůŝƚŝĞƐ ǁŝƚŚŝŶZĞĚ,ĂǁŬƌ^Θ&ĂůĐŽŶZĚ^͘dŚĞĚĞǀĞůŽƉĞƌǁŝůůďĞŽďůŝŐĂƚĞĚƚŽƉůĂƚƉƵďůŝĐ _3DJH 3DFNHW3J )E ŝƚǇWůĂŶŶŝŶŐĂŶĚŽŶŝŶŐŽŵŵŝƐƐŝŽŶDŝŶƵƚĞƐ,ĞĂƌŝŶŐĂƚĞ͗:ƵŶĞϮϮ͕ϮϬϭϲ ĞĂƐĞŵĞŶƚƐƚŽĂĐĐŽŵŵŽĚĂƚĞƚŚĞĞǆŝƐƚŝŶŐƉƵďůŝĐƵƚŝůŝƚŝĞƐƐƵĐŚƚŚĂƚĂƉƵďůŝĐĞĂƐĞŵĞŶƚ ĞǆƚĞŶĚƐĂƚůĞĂƐƚϭϬĨƚĨƌŽŵƚŚĞĐĞŶƚĞƌůŝŶĞŽĨĂůůƉƵďůŝĐƵƚŝůŝƚŝĞƐ͘ ϳͿdŚĞĚĞǀĞůŽƉĞƌŝƐŽďůŝŐĂƚĞĚƚŽĚĞĚŝĐĂƚĞĂůůĂƉƉůŝĐĂďůĞƉƵďůŝĐĞĂƐĞŵĞŶƚĨŽƌŶĞǁŝŶĨƌĂƐƚƌƵĐƚƵƌĞ ƚŚĂƚŝƐŶĞĞĚĞĚĨŽƌƚŚŝƐĚĞǀĞůŽƉŵĞŶƚ͘^ĂŝĚĚĞĚŝĐĂƚŝŽŶƐŚĂůůďĞǀŝĂƚŚĞƉůĂƚǁŚĞƌĞĂƉƉůŝĐĂďůĞ͕ ĂŶĚǀŝĂƐĞƉĂƌĂƚĞĚŽĐƵŵĞŶƚŝĨĞǆĂĐƚĂůŝŐŶŵĞŶƚƐĂƌĞŶŽƚŬŶŽǁŶĂƚƚŚĞƚŝŵĞŽĨ&ŝŶĂůWůĂƚ͘ ϴͿWƵďůŝĐtŽƌŬƐƐƵƉƉŽƌƚĨŽƌƚŚĞƉƌŽƉŽƐĞĚƐƚƌĞĞƚƌĞĂůŝŐŶŵĞŶƚǁŝƚŚŝŶƚŚĞĞĂƐƚĞƌůǇĂŶĚƐŽƵƚŚĞƌůǇ ƉŽƌƚŝŽŶŽĨƚŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚŝƐĐŽŶƚŝŶŐĞŶƚŽŶƚŚĞKǁŶĞƌƌĞĂĐŚŝŶŐĂŶĂŐƌĞĞŵĞŶƚ ǁŝƚŚƚŚĞŝƚǇWĂƌŬƐĞƉĂƌƚŵĞŶƚƌĞŐĂƌĚŝŶŐŵĂŝŶƚĞŶĂŶĐĞŽĨƉĞĚĞƐƚƌŝĂŶĨĂĐŝůŝƚŝĞƐ;ŝŶĐůƵĚŝŶŐ ƐŶŽǁƌĞŵŽǀĂůͿĂůŽŶŐƚŚĞƉƵďůŝĐƌŽĂĚĨƌŽŶƚĂŐĞƐŽĨƚŚĞƉƌŽƉŽƐĞĚƉĂƌŬůĂŶĚ͕ĂƐǁĞůůĂƐ͕ ŵĂŝŶƚĞŶĂŶĐĞŽĨƚŚĞƉƌŽƉŽƐĞĚƐƚŽƌŵǁĂƚĞƌƉŽŶĚĨĞĂƚƵƌĞǁŝƚŚŝŶƚŚĞƉƌŽƉŽƐĞĚƉŽŶĚƉĂƌĐĞů͘ WĞĚĞƐƚƌŝĂŶ&ĂĐŝůŝƚŝĞƐĂƌĞƌĞƋƵŝƌĞĚĂůŽŶŐďŽƚŚĨƌŽŶƚĂŐĞƐŽĨĂůůƉƵďůŝĐƐƚƌĞĞƚƐǁŝƚŚŝŶͬĂďƵƚƚŝŶŐ ƚŚŝƐĚĞǀĞůŽƉŵĞŶƚ͘/ŶĂĚĚŝƚŝŽŶ͕ĂůůĚƌŝǀĞǁĂǇƐƐŚĂůůďĞĐŽŶƐƚƌƵĐƚĞĚĂƐƐƚĂŶĚĂƌĚ͞dǇƉĞ͟ ĂƉƉƌŽĂĐŚĞƐǁŝƚŚĂƐŝĚĞǁĂůŬƐĞĐƚŝŽŶ͘/ƚŝƐƵŶĐůĞĂƌŝĨƚŚĞƐĞĐƌŝƚĞƌŝĂǁĞƌĞƉƌŽƉŽƐĞĚƚŽďĞŵĞƚ ĨƌŽŵƚŚĞĚĞƚĂŝůƐƐŚŽǁŶŽŶƚŚĞ'W͘ ϵͿǆĞĐƵƚŝŽŶŽĨĂŝƚǇͲKǁŶĞƌŽŶƚƌĂĐƚ͕ĂŶĚĚĞĚŝĐĂƚŝŽŶŽĨĂŶǇĂƉƉůŝĐĂďůĞƉƵďůŝĐĞĂƐĞŵĞŶƚƐ;ŶŽƚ ƐŚŽǁŶŽŶƚŚĞƉůĂƚͿŝƐƌĞƋƵŝƌĞĚƉƌŝŽƌĨŽƌĂŶǇŶĞǁͬĂĚĚŝƚŝŽŶĂůƉƵďůŝĐŝŶĨƌĂƐƚƌƵĐƚƵƌĞŶĞĞĚĞĚƚŽ ƐĞƌǀĞƚŚŝƐĚĞǀĞůŽƉŵĞŶƚ͘WƵďůŝĐƐŝĚĞǁĂůŬĂůŽŶŐƚŚĞĨƌŽŶƚĂŐĞƐŽĨƚŚĞƉƌŽƉŽƐĞĚƉĂƌŬůĂŶĚƐŚĂůů ďĞĐŽŶƐƚƌƵĐƚĞĚĂƚƚŚĞĚĞǀĞůŽƉĞƌ͛ƐĞǆƉĞŶƐĞĂŶĚƚŚĞǁŽƌŬŝŶĐůƵĚĞŝŶƚŚĞŽŶƚƌĂĐƚ͘ WƌĞůŝŵŝŶĂƌǇŽŶƐƚƌƵĐƚŝŽŶWůĂŶĐŽŵŵĞŶƚƐǁŝůůďĞƉƌŽǀŝĚĞĚƐĞƉĂƌĂƚĞůǇƚŽƚŚĞĂƉƉůŝĐĂŶƚ͛Ɛ ĐŽŶƐƵůƚŝŶŐĞŶŐŝŶĞĞƌ͘ ϭϬͿdŚĞƌĞĂƌĞĐĞƌƚĂŝŶĚĞǀĞůŽƉŵĞŶƚĐŚĂƌŐĞŽďůŝŐĂƚŝŽŶƐĐŽŶƚĂŝŶĞĚŝŶƚŚĞ^ĞĐŽŶĚ^ƵƉƉůĞŵĞŶƚĂů ŐƌĞĞŵĞŶƚƚŚĂƚĂƌĞĚƵĞĂƚƚŚĞƉƌĞƐĞŶƚƚŝŵĞ;ǁŝƚŚŽƌǁŝƚŚŽƵƚƚŚŝƐƉƌŽũĞĐƚŵŽǀŝŶŐĨŽƌǁĂƌĚͿ͘ ŶŝŶǀŽŝĐĞĨŽƌƚŚĞƐĞŽďůŝŐĂƚŝŽŶƐǁŝůůďĞƐĞŶƚƐŚŽƌƚůǇĂŶĚƉĂǇŵĞŶƚŝƐĚƵĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞ ƚĞƌŵƐŽĨƚŚĞĂŐƌĞĞŵĞŶƚ͘ ϭϭͿKŶĞĂĚĚŝƚŝŽŶĂůĨŝƌĞŚǇĚƌĂŶƚŝŶƚŚĞEtĐŽƌŶĞƌŽĨƚŚĞĚĞǀĞůŽƉŵĞŶƚ͕ďĞƚǁĞĞŶƚŚĞƚǁŽ͚͛ ďƵŝůĚŝŶŐƐ͕ƐŚĂůůďĞĂĚĚĞĚĨŽƌƉƌŽƉĞƌƚǇǁĂƚĞƌƐƵƉƉůǇĨŽƌĞŵĞƌŐĞŶĐǇĨŝƌĞŽƉĞƌĂƚŝŽŶƐŽŶƚŚĞ ďĂĐŬƐŝĚĞ;ǁĞƐƚͿŽĨƚŚŽƐĞďƵŝůĚŝŶŐƐ͘ ϭϮͿŶǇƐƚŽƌŵǁĂƚĞƌĨĂĐŝůŝƚŝĞƐƐŚĂůůďĞƌĞƋƵŝƌĞĚƚŽŚĂǀĞĂĚƌĂŝŶĂŐĞĞĂƐĞŵĞŶƚ͘ ϭϯͿdŚĞǁĂƚĞƌŵĂŝŶŵƵƐƚďĞƌƵŶƚŚƌŽƵŐŚƚŚĞĂƌĞĂƐŽƵƚƐŝĚĞŽĨƚŚĞƉƵďůŝĐƐƚƌĞĞƚƐŝŶƐƵĐŚĂǁĂǇĂƐ ƚŽƉƌŽǀŝĚĞĂĚĞƋƵĂƚĞůŽŽƉŝŶŐŽĨƚŚĞƐǇƐƚĞŵĨŽƌĨŝƌĞƉƌŽƚĞĐƚŝŽŶĂŶĚǁĂƚĞƌƋƵĂůŝƚǇĂŶĚǁĂƚĞƌ ŵĂŝŶƐŵƵƐƚďĞĞǆƚĞŶĚĞĚƚŽĂĚũĂĐĞŶƚƉƌŽƉĞƌƚŝĞƐƉĞƌZWhƌĞƋƵŝƌĞŵĞŶƚƐ͘ ϭϰͿdŚĞϰϬͲĂĐƌĞĚĞǀĞůŽƉŵĞŶƚƐŚĂůůďĞůŝŵŝƚĞĚƚŽϭ͕ϮϬϬĂǀĞƌĂŐĞĚĂŝůǇƚƌŝƉƐƵŶƚŝůƚŚĞƉƌŽƉŽƐĞĚ ƐĞĐŽŶĚĂƌǇĂĐĐĞƐƐŝƐƉƌŽǀŝĚĞĚ͘ ϭϱͿĞĚŝĐĂƚŝŽŶŽĨĂϭϬĨŽŽƚǁŝĚĞƉůĂƚƚĞĚƉƵďůŝĐƵƚŝůŝƚǇĞĂƐĞŵĞŶƚƐĂƌĞƌĞƋƵŝƌĞĚĂůŽŶŐƚŚĞ ĨƌŽŶƚĂŐĞƐŽĨĂůůƉƵďůŝĐƐƚƌĞĞƚƐ͘ ϭϲͿdŚĞWĂƌŬĂŶĚZĞĐƌĞĂƚŝŽŶĞƉĂƌƚŵĞŶƚƌĞĐŽŵŵĞŶĚƐƚŚĂƚĚĞĚŝĐĂƚŝŽŶƌĞƋƵŝƌĞŵĞŶƚƐďĞŵĞƚ ǀŝĂ͗ĐŽŵďŝŶĂƚŝŽŶŽĨůĂŶĚĂŶĚĐĂƐŚǁŝƚŚůĂŶĚĚĞĚŝĐĂƚŝŽŶĂŶĚƉĂǇŵĞŶƚĚƵĞƉƌŝŽƌƚŽ ƌĞĐŽƌĚĂƚŝŽŶŽĨƚŚĞĨŝŶĂůƉůĂƚ͘>ĂŶĚĚĞĚŝĐĂƚŝŽŶƚŽďĞƚŚĞϮ͘ϴϭĂĐƌĞůŽƚƐŚŽǁŶŽŶƚŚĞ'W͘ _3DJH 3DFNHW3J )E ŝƚǇWůĂŶŶŝŶŐĂŶĚŽŶŝŶŐŽŵŵŝƐƐŝŽŶDŝŶƵƚĞƐ,ĞĂƌŝŶŐĂƚĞ͗:ƵŶĞϮϮ͕ϮϬϭϲ ϭϳͿŽƵůĞǀĂƌĚƚƌĞĞƐǁŝůůďĞƌĞƋƵŝƌĞĚĨŽƌƚŚĞĚĞǀĞůŽƉŵĞŶƚ͘WƌŝŽƌƚŽƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨƚŚĞ ƉƌŽƉĞƌƚǇ͕ƚŚĞKǁŶĞƌƐŚĂůůĚĞƚĞƌŵŝŶĞǁŚŝĐŚŽĨƚŚĞƚǁŽĂǀĂŝůĂďůĞŽƉƚŝŽŶƐ͕WĂǇŵĞŶƚDĞƚŚŽĚ Žƌ/ŶƐƚĂůůŽƵůĞǀĂƌĚdƌĞĞƐ͕ǁŝůůďĞƵƐĞĚƚŽŵĞĞƚƚŚĞŝƌďŽƵůĞǀĂƌĚƚƌĞĞŽďůŝŐĂƚŝŽŶƐĨŽƌĞĂĐŚ ƉŚĂƐĞŽĨƚŚĞĚĞǀĞůŽƉŵĞŶƚ͘dƌĞĞƐƐŚĂůůďĞƉůĂŶƚĞĚĞǀĞƌǇϱϬĨĞĞƚ͘ ϭϴͿdŚĞ͚,td,KZEKhZd͛ƐƚƌĞĞƚŶĂŵĞŵƵƐƚďĞƌĞŶĂŵĞĚ͘dŚĞĂƉƉůŝĐĂŶƚƐŚĂůůƌĞƐŽůǀĞƚŚĞ ŶĂŵŝŶŐŝƐƐƵĞǁŝƚŚƚŚĞ'/^ŝǀŝƐŝŽŶƉƌŝŽƌƚŽ&ŝŶĂůWůĂƚƐƵďŵŝƚƚĂů͘ ϭϵͿZϮϬϭϲͲϬϬϮsƐŚĂůůďĞĂƉƉƌŽǀĞĚĂŶĚƚŚĞƌĞƐŽůƵƚŝŽŶƌĞĐŽƌĚĞĚĐŽŶĐƵƌƌĞŶƚůǇǁŝƚŚƚŚĞ&ŝŶĂů WůĂƚĨŽƌ&ĂůĐŽŶ,ĞŝŐŚƚƐŽĨZŽĐŚĞƐƚĞƌ͘ ŽŶĚŝƚŝŽŶĂůhƐĞWĞƌŵŝƚZϮϬϭϲͲϬϮϭhWďǇ^ƚŽŶĞŚĞĚŐĞdŽǁŶŚŽƵƐĞƐ͕>>ƚŽĂůůŽǁĂ^ƵďƐƚĂŶƚŝĂů>ĂŶĚ ůƚĞƌĂƚŝŽŶƉƌŽƉŽƐĞĚĨŽƌƚŚĞ^ƚŽŶĞŚĞĚŐĞdŽǁŶŚŽŵĞƐϲƚŚ^ƵďĚŝǀŝƐŝŽŶƚŚĂƚǁŝůůĐŚĂŶŐĞƚŚĞĞůĞǀĂƚŝŽŶƐ ŽŶƉŽƌƚŝŽŶƐŽĨƚŚĞƐŝƚĞŵŽƌĞƚŚĂŶϭϬĨĞĞƚ͘dŚĞƉƌŽƉĞƌƚǇŝƐůŽĐĂƚĞĚĞĂƐƚŽĨ^ƚŽŶĞŚĞĚŐĞƌŝǀĞEĂŶĚ ŶŽƌƚŚŽĨŽƌĂůZŝĚŐĞWůĂĐĞE͘ Dƌ͘ƵƌŚŽƉƉƌĞƐĞŶƚĞĚƚŚĞƐƚĂĨĨƌĞƉŽƌƚ͕ĚĂƚĞĚ:ƵŶĞϭϲ͕ϮϬϭϲ͕ƚŽƚŚĞŽŵŵŝƐƐŝŽŶ͘dŚĞƐƚĂĨĨƌĞƉŽƌƚŝƐŽŶ ĨŝůĞĂƚƚŚĞZŽĐŚĞƐƚĞƌͲKůŵƐƚĞĚWůĂŶŶŝŶŐĞƉĂƌƚŵĞŶƚ͘ DƐ͘DĞĞŬŽƉĞŶĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ Dƌ͘ŝůůŶĚĞƌƐŽŶ͕ĐŽŶƐƵůƚĂŶƚǁŝƚŚ^,͕ϳϭϳdŚŝƌĚǀĞŶƵĞ^͕ZŽĐŚĞƐƚĞƌDŝŶŶĞƐŽƚĂϱϱϵϬϰ͕ĂĚĚƌĞƐƐĞĚ ƚŚĞŽŵŵŝƐƐŝŽŶ͘,ĞĞǆƉůĂŝŶĞĚƚŚĞƌĞŝƐĂŶĂƉƉƌŽǀĞĚƉĞƌĨŽƌŵĂŶĐĞƌĞƐŝĚĞŶƚŝĂůĐŽŶĚŝƚŝŽŶĂůƵƐĞƉĞƌŵŝƚŽŶ ƚŚĞƉƌŽƉĞƌƚǇ͕ĂŶĚƚŚĞƌĞĂƌĞĐƵƌƌĞŶƚŐƌĂĚŝŶŐŽƉĞƌĂƚŝŽŶƐŽĨǁŚŝĐŚŵŽƌĞƚŚĂŶϭϬĨĞĞƚŽĨĐƵƚĂŶĚĨŝůůĞǆŝƐƚ͘ DƐ͘EĂŶĐǇZĂŵƐĚĞůů͕ƌĞƐŝĚŝŶŐĂƚϮϰϱϬŽƌĂůZŝĚŐĞZŽĂĚ͕ZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂϱϱϵϬϰ͕ĂĚĚƌĞƐƐĞĚƚŚĞ ŽŵŵŝƐƐŝŽŶ͘^ŚĞĞǆƉƌĞƐƐĞĚŚĞƌĐŽŶĐĞƌŶǁŝƚŚĂůůŽǁŝŶŐůĂƌŐĞƚƌƵĐŬƐŽŶŚĞƌƐƚƌĞĞƚĚƵƌŝŶŐĐŽŶƐƚƌƵĐƚŝŽŶŽŶ ŽƌĂůZŝĚŐĞZŽĂĚǁŚŝĐŚŝƐĂƉƌŝǀĂƚĞƌŽĂĚ͘ Dƌ͘ŝůůŶĚĞƌƐŽŶ͕ĐŽŶƐƵůƚĂŶƚǁŝƚŚ^,͕ϳϭϳdŚŝƌĚǀĞŶƵĞ^͕ZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂϱϱϵϬϰ͕ĂĚĚƌĞƐƐĞĚ ƚŚĞŽŵŵŝƐƐŝŽŶ͘,ĞŶŽƚĞĚĐŽŶƐƚƌƵĐƚŝŽŶƚƌĂĨĨŝĐǁŝůůďĞůŝŵŝƚĞĚƚŽƚŚĞĞǆŝƐƚŝŶŐŐƌĂǀĞůĞŶƚƌĂŶĐĞƌŽĂĚƚŚĂƚ ĐŽŶŶĞĐƚƐƚŽ/ǀŽƌǇZŽĂĚ͕ĂŶĚŽƌĂůZŝĚŐĞZŽĂĚEǁŝůůŶŽƚďĞƵƐĞĚ͘ Dƌ͘ƌƵĐĞĂŬĞƌ͕ƌĞƐŝĚŝŶŐĂƚϮϰϯϴŽƌĂůZŝĚŐĞZŽĂĚE͕ZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂϱϱϵϬϰ͕ĂĚĚƌĞƐƐĞĚƚŚĞ ŽŵŵŝƐƐŝŽŶ͘,ĞƐƚĂƚĞĚŚĞŚĂƐǁĂůŬĞĚƚŚĞĂƌĞĂǁŚŝĐŚŝƐƵŶĚĞƌĐŽŶƐŝĚĞƌĂƚŝŽŶĂŶĚŶŽƚĞĚƚŚĞĨŝůůĂƌĞĂŝƐĂ ůŽǁƐƉŽƚƚŚĂƚŶĞĞĚƐƚŽďĞďƌŽƵŐŚƚƵƉƚŽŐƌĂĚĞƚŽŵĂƚĐŚƚŚĞƚŽƉŽŐƌĂƉŚǇ͖ĂŶĚƚŚĞĚĞǀĞůŽƉĞƌŝƐŐŽŽĚƚŽ ǁŽƌŬǁŝƚŚĂŶĚŚĂƐďĞĞŶĐŽŽƉĞƌĂƚŝǀĞǁŝƚŚŶĞŝŐŚďŽƌƐ͘ Dƌ͘<ĞǀŝŶ^ƚĞƌŶďĞƌŐ͕ƌĞƐŝĚŝŶŐĂƚϲϱϳϮϱƚŚǀĞŶƵĞ͕<ĂƐƐŽŶ͕DŝŶŶĞƐŽƚĂϱϱϵϰϰ͕ĂĚĚƌĞƐƐĞĚƚŚĞ ŽŵŵŝƐƐŝŽŶ͘,ĞŶŽƚĞĚŚĞĐĂŶƉƵƚƐŽŵĞƐŝŐŶƐŽƵƚĨŽƌƚŚĞĚƌŝǀĞƌƐĂŶĚĂĚĚĂŵƵůƚŝůŝŶŐƵĂůůĂŶŐƵĂŐĞ͖ĂŶĚ ĂƐŬĞĚŶĞŝŐŚďŽƌƐŝĨƚŚĞǇǁŽƵůĚůŝŬĞĂĚĚŝƚŝŽŶĂůƐŝŐŶƐĂĚĚĞĚĨŽƌĚŝƌĞĐƚŝŽŶƚŽƚŚĞƚƌƵĐŬĚƌŝǀĞƌƐ͘ tŝƚŚŶŽŽŶĞĞůƐĞǁŝƐŚŝŶŐƚŽďĞŚĞĂƌĚ͕DƐ͘DĞĞŬĐůŽƐĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ Dƌ͘ƵƌƐƚƐƚĂƚĞĚŚĞŚĂƐǀŝƐŝƚĞĚƚŚĞƐŝƚĞ͖ĂŶĚĨĞĞůƚŚĞǇŚĂǀĞĚŽŶĞĂŐƌĞĂƚũŽďŐƌŽǁŝŶŐƚŚĞĂƌĞĂĂŶĚ ƉƌŽĚƵĐĞĂŐƌĞĂƚƉƌŽĚƵĐƚ͘ )ĂƉƉƌŽǀĞĚ͕ŽƌĂƉƉƌŽǀĞĚǁŝƚŚĐŽŶĚŝƚŝŽŶƐ͕ƉƌŝŽƌƚŽ ƐƵďŵŝƚƚŝŶŐƚŚĞ&ŝŶĂůWůĂƚ͘^ƵďŵŝƚƚĂůŽĨĂ&ŝŶĂůWůĂƚƉƌŝŽƌƚŽĨŝŶĂů'ƌĂĚŝŶŐĂŶĚ^ƚŽƌŵǁĂƚĞƌDĂŶĂŐĞŵĞŶƚWůĂŶĂƉƉƌŽǀĂůŽƌ ĂƉƉƌŽǀĂůǁŝƚŚĐŽŶĚŝƚŝŽŶƐƌĞƋƵŝƌĞƐĂƵƚŚŽƌŝǌĂƚŝŽŶĨƌŽŵƚŚĞŝƚǇŶŐŝŶĞĞƌ͘WĂǇŵĞŶƚŽĨĂŶǇĂƉƉůŝĐĂďůĞ^ƚŽƌŵtĂƚĞƌ DĂŶĂŐĞŵĞŶƚWůĂŶƌĞĂŚĂƌŐĞ;^tDWͿŝƐĚƵĞĐŽŶĐƵƌƌĞŶƚǁŝƚŚ'ƌĂĚŝŶŐWůĂŶĂƉƉƌŽǀĂů͘KǁŶĞƌƐŚŝƉĂŶĚDĂŝŶƚĞŶĂŶĐĞ ŽĨƚŚĞƉƌŽƉŽƐĞĚŽŶͲƐŝƚĞƉƌŝǀĂƚĞƐƚŽƌŵǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚĨĂĐŝůŝƚŝĞƐƐŚĂůůďĞĂĚĚƌĞƐƐĞĚďǇŐƌĞĞŵĞŶƚǁŝƚŚƚŚĞŝƚǇ͕ƉƌŝŽƌ ƚŽƌĞĐŽƌĚŝŶŐƚŚĞ&ŝŶĂůWůĂƚ͘/ƚĂƉƉĞĂƌƐƚŚĂƚƚŚĞƉƌŽǆŝŵŝƚǇŽĨĐĞƌƚĂŝŶŝŵƉƌŽǀĞŵĞŶƚƐƚŽƚŚĞƐŽƵƚŚWƌŽƉĞƌƚǇůŝŶĞǁŝůůƌĞƋƵŝƌĞ ŽĨĨͲƐŝƚĞƚĞŵƉŽƌĂƌǇŐƌĂĚŝŶŐĞĂƐĞŵĞŶƚƐ͘WƌŝŽƌƚŽŽƌĐŽŶĐƵƌƌĞŶƚǁŝƚŚ&ŝŶĂůWůĂƚĂƉƉƌŽǀĂů͕ƚŚĞĂƉƉůŝĐĂŶƚƐŚŽƵůĚĚĞŵŽŶƐƚƌĂƚĞ ƚŚĂƚƚŚĞǇŚĂǀĞĞĂƐĞŵĞŶƚƐŝŶƉůĂĐĞ͕ŽƌƚŚĂƚƚŚĞǇĐĂŶĐŽŶƐƚƌƵĐƚĂůůŽŶͲƐŝƚĞŝŵƉƌŽǀĞŵĞŶƚƐǁŝƚŚŽƵƚŐƌĂĚŝŶŐŽĨĨͲƐŝƚĞ͘ ϯ͘dŚĞĂƉƉůŝĐĂŶƚŝƐĨŝŶĂŶĐŝĂůůǇŽďůŝŐĂƚĞĚĨŽƌƚŚĞĐŽƐƚƚŽŝŵƉƌŽǀĞĂƐƚǁŽŽĚZĚ^ĨƌŽŵϰϬƚŚǀĞ^ƚŽĂŶĚŝŶĐůƵĚŝŶŐƚŚĞ ƉƌŽƉŽƐĞĚƉƵďůŝĐĐƵůͲĚĞͲƐĂĐďƵůďĂƚƚŚĞƐŽƵƚŚǁĞƐƚĐŽƌŶĞƌŽĨƚŚĞWƌŽƉĞƌƚǇ͘dŚĞƐĞŝŵƉƌŽǀĞŵĞŶƚƐƐŚĂůůďĞĐŽŵƉůĞƚĞĚ ĐŽŶĐƵƌƌĞŶƚǁŝƚŚĚĞǀĞůŽƉŵĞŶƚŽĨƚŚĞWƌŽƉĞƌƚǇĂŶĚƚŚƌŽƵŐŚĂŝƚǇͲKǁŶĞƌŽŶƚƌĂĐƚ͘ ϰ͘^ŝŶĐĞĂƐƚǁŽŽĚZĚ^ŝƐŶŽůŽŶŐĞƌƉůĂŶŶĞĚƚŽĞǆƚĞŶĚĞĂƐƚĞƌůǇĂĐƌŽƐƐƚŚŝƐWƌŽƉĞƌƚǇĂƐĂƉƵďůŝĐƌŽĂĚ͕ĂƉƵďůŝĐƚƵƌŶͲ ĂƌŽƵŶĚŝƐŶĞĞĚĞĚĂƚƚŚĞƐŽƵƚŚĞƌůǇĞǆƚĞŶĚŽĨ,ĂǁƚŚŽƌŶĞŽƵƌƚ^ǁŚŝĐŚƐŚĂůůďĞĐŽŶƐƚƌƵĐƚĞĚĂƐƉĂƌƚŽĨƚŚĞŝƚǇͲKǁŶĞƌ ŽŶƚƌĂĐƚƉƵďůŝĐŝŵƉƌŽǀĞŵĞŶƚƐĨŽƌ&ĂůĐŽŶ,ĞŝŐŚƚƐŽĨZŽĐŚĞƐƚĞƌ͘dŚĞĂƉƉůŝĐĂŶƚǁŝůůďĞƌĞƋƵŝƌĞĚƚŽŽďƚĂŝŶĂŶǇĂƉƉůŝĐĂďůĞ ŽĨĨͲƐŝƚĞĞĂƐĞŵĞŶƚƐĨŽƌŐƌĂĚŝŶŐƵŶůĞƐƐƚŚĞĚĞƐŝŐŶĚĞŵŽŶƐƚƌĂƚĞƐƚŚĂƚƚŚĞƚƵƌŶͲĂƌŽƵŶĚĐĂŶďĞĐŽŶƐƚƌƵĐƚĞĚǁŝƚŚŽƵƚŐƌĂĚŝŶŐ ŽĨĨͲƐŝƚĞ͘ ϱ͘dŚŝƐĚĞǀĞůŽƉŵĞŶƚŝƐĐŽŶĚŝƚŝŽŶĞĚŽŶŽƵŶĐŝůĂƉƉƌŽǀĂůŽĨƚŚĞƉƌŽƉŽƐĞĚǀĂĐĂƚŝŽŶĨŽƌƉŽƌƚŝŽŶƐŽĨƚŚĞZĞĚ,ĂǁŬƌ^Θ &ĂůĐŽŶZĚ^ƌŝŐŚƚƐͲŽĨͲǁĂǇ͘dŚĞƌĞĂƌĞĞǆŝƐƚŝŶŐƉƵďůŝĐƵƚŝůŝƚŝĞƐǁŝƚŚŝŶZĞĚ,ĂǁŬƌ^Θ&ĂůĐŽŶZĚ^͘dŚĞĚĞǀĞůŽƉĞƌǁŝůů 3DFNHW3J )ƌĞŚǇĚƌĂŶƚŝŶƚŚĞEtĐŽƌŶĞ ƌŽĨƚŚĞĚĞǀĞůŽƉŵĞŶƚ͕ďĞƚǁĞĞŶƚŚĞƚǁŽ͚͛ďƵŝůĚŝŶŐƐ͕ƐŚĂůůďĞĂĚĚĞĚĨŽƌ ƉƌŽƉĞƌƚǇǁĂƚĞƌƐƵƉƉůǇĨŽƌĞŵĞƌŐĞŶĐǇĨŝƌĞŽƉĞƌĂƚŝŽŶƐŽŶƚŚĞďĂĐŬƐŝĚĞ;ǁĞƐƚͿŽĨƚŚŽƐĞďƵŝůĚŝŶŐƐ͘ ϭϭ͘ŶǇƐƚŽƌŵǁĂƚĞƌĨĂĐŝůŝƚŝĞƐƐŚĂůůďĞƌĞƋƵŝƌĞĚƚŽŚĂǀĞĂĚƌĂŝŶĂŐĞĞĂƐĞŵĞŶƚ͘ ϭϮ͘dŚĞǁĂƚĞƌŵĂŝŶŵƵƐƚďĞƌƵŶƚŚƌŽƵŐŚƚŚĞĂƌĞĂƐŽƵƚƐŝĚĞŽĨƚŚĞƉƵďůŝĐƐƚƌĞĞƚƐŝŶƐƵĐŚĂǁĂǇĂƐƚŽƉƌŽǀŝĚĞĂĚĞƋƵĂƚĞ ůŽŽƉŝŶŐŽĨƚŚĞƐǇƐƚĞŵĨŽƌĨŝƌĞƉƌŽƚĞĐƚŝŽŶĂŶĚǁĂƚĞƌƋƵĂůŝƚǇĂŶĚǁĂƚĞƌŵĂŝŶƐŵƵƐƚďĞĞǆƚĞŶĚĞĚƚŽĂĚũĂĐĞŶƚƉƌŽƉĞƌƚŝĞƐ ƉĞƌZWhƌĞƋƵŝƌĞŵĞŶƚƐ͘ ϭϯ͘dŚĞϰϬͲĂĐƌĞĚĞǀĞůŽƉŵĞŶƚƐŚĂůůďĞůŝŵŝƚĞĚƚŽϭ͕ϮϬϬĂǀĞƌĂŐĞĚĂŝůǇƚƌŝƉƐƵŶƚŝůƚŚĞƉƌŽƉŽƐĞĚƐĞĐŽŶĚĂƌǇĂĐĐĞƐƐŝƐ ƉƌŽǀŝĚĞĚ͖ƚŚŝƐŝƐϳϮƵŶŝƚƐͲĐŽŵƉůĞƚŝŽŶŽĨƚŚĞƉƌŽƉŽƐĞĚƐĞĐŽŶĚĂƌǇĂĐĐĞƐƐŵƵƐƚŽĐĐƵƌƚŽĂůůŽǁĐŽŶƐƚƌƵĐƚŝŽŶŽĨƚŚĞϳϯƵŶŝƚ ƌĚ ĂŶĚďĞǇŽŶĚ͘ ϭϰ͘ĞĚŝĐĂƚŝŽŶŽĨĂϭϬĨŽŽƚǁŝĚĞƉůĂƚƚĞĚƉƵďůŝĐƵƚŝůŝƚǇĞĂƐĞŵĞŶƚƐĂƌĞƌĞƋƵŝƌĞĚĂůŽŶŐƚŚĞĨƌŽŶƚĂŐĞƐŽĨĂůůƉƵďůŝĐƐƚƌĞĞƚƐ͘ ϭϱ͘dŚĞWĂƌŬĂŶĚZĞĐƌĞĂƚŝŽŶĞƉĂƌƚŵĞŶƚƌĞĐŽŵŵĞŶĚƐƚŚĂƚĚĞĚŝĐĂƚŝŽŶƌĞƋƵŝƌĞŵĞŶƚƐďĞŵĞƚǀŝĂ͗ĐŽŵďŝŶĂƚŝŽŶŽĨůĂŶĚ ĂŶĚĐĂƐŚǁŝƚŚůĂŶĚĚĞĚŝĐĂƚŝŽŶĂŶĚƉĂǇŵĞŶƚĚƵĞƉƌŝŽƌƚŽƌĞĐŽƌĚĂƚŝŽŶŽĨƚŚĞĨŝŶĂůƉůĂƚ͘>ĂŶĚĚĞĚŝĐĂƚŝŽŶƚŽďĞƚŚĞϮ͘ϴϭĂĐƌĞ ůŽƚƐŚŽǁŶŽŶƚŚĞ'W͘ ϭϲ͘ŽƵůĞǀĂƌĚƚƌĞĞƐǁŝůůďĞƌĞƋƵŝƌĞĚĨŽƌƚŚĞĚĞǀĞůŽƉŵĞŶƚ͘WƌŝŽƌƚŽƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨƚŚĞƉƌŽƉĞƌƚǇ͕ƚŚĞKǁŶĞƌƐŚĂůů ĚĞƚĞƌŵŝŶĞǁŚŝĐŚŽĨƚŚĞƚǁŽĂǀĂŝůĂďůĞŽƉƚŝŽŶƐ͕WĂǇŵĞŶƚDĞƚŚŽĚŽƌ/ŶƐƚĂůůŽƵůĞǀĂƌĚdƌĞĞƐ͕ǁŝůůďĞƵƐĞĚƚŽŵĞĞƚƚŚĞŝƌ ďŽƵůĞǀĂƌĚƚƌĞĞŽďůŝŐĂƚŝŽŶƐĨŽƌĞĂĐŚƉŚĂƐĞŽĨƚŚĞĚĞǀĞůŽƉŵĞŶƚ͘dƌĞĞƐƐŚĂůůďĞƉůĂŶƚĞĚĞǀĞƌǇϱϬĨĞĞƚ͘ ϭϳ͘dŚĞĂƉƉůŝĐĂŶƚƐŚĂůůƐƵďŵŝƚĂƌĞǀŝƐĞĚ'WƚŽWůĂŶŶŝŶŐǁŝƚŚƚŚĞĨŽůůŽǁŝŶŐƌĞǀŝƐŝŽŶƐ͗ Ă͘^ƚƌŝŬĞďƵĨĨĞƌǇĂƌĚŝŶĨŽƌŵĂƚŝŽŶĨƌŽŵƚŚĞ'W͘ ď͘hŶĚĞƌ͚'ĞŶĞƌĂůĞǀĞůŽƉŵĞŶƚWůĂŶƐ͕͛ůĞƚƚĞƌ͚͕͛͘ƐƚƌŝŬĞƌĞĨĞƌĞŶĐĞƐƚŽƚŚĞ^ƉĞĐŝĂůŝƐƚƌŝĐƚ͘dŚĞǌŽŶŝŶŐĨŽƌƚŚĞƚŽǁŶŚŽŵĞ ĚĞǀĞůŽƉŵĞŶƚƉŽƌƚŝŽŶŽĨƚŚĞƐŝƚĞŝƐZͲϮ͘dŚĞƉĂƌŬůĂŶĚĂƌĞĂŝƐ^ƉĞĐŝĂůŝƐƚƌŝĐƚ͘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±6WDII5HFRPPHQGDWLRQ 3DUDJUDSKRIWKH5RFKHVWHU=RQLQJ2UGLQDQFHDQG/DQG'HYHORSPHQW0DQXDOOLVWVWKH [[2022,2015,2248,2072][12][B,I,][Times New Roman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³ORZGHQVLW\UHVLGHQWLDO´W\SHV[[1851,2648,2183,2705][12][B,I,][Times New Roman]]RIODQGXVHVRQ [[2187,2648,2262,2705][12][B,I,][Times New Roman]]WKH [[561,2706,674,2763][12][B,I,][Times New Roman]]/DQG [[671,2706,683,2763][12][B,I,][Times New Roman]] [[692,2706,911,2763][12][B,I,][Times New Roman]]8VH3ODQ [[918,2706,2250,2763][12][,,][FEFB2CE 6AB3]]/DQGXVHVZLWKLQWKH*'3ZRXOGEHFRQVLVWHQWZLWKWKH³ORZ [[563,2763,719,2820][12][B,I,][Times New Roman]]GHQVLW\ [[719,2763,1704,2820][12][,,][FEFB2CE6AB3]]UHVLGHQWLDO´ODQGXVHGHVLJQDWLRQIRUWKHSURSHUW [[1698,2763,1749,2820][12][B,I,][Times New Roman]]\ [[1749,2763,2233,2820][12][B,I,][Times New Roman]]7KHSURSHUW\LV]RQHG5 [[2234,2763,2250,2820][12][B,I,][Times New Roman]] [[563,2821,1922,2878][12][B,I,][Times New Roman]]DQGWKHXVHVSURSRVHGZLWKLQWKH*'3DUHFRQVLVWHQWZLWKWKH5 [[1924,2821,1940,2878][12][B,I,][Times New Roman]] [[1940,2821,2143,2878][12][B,I,] [Times New Roman]]GLVWULFW [[2144,2821,2156,2878][12][B,I,][Times New Roman]] [[563,2878,575,2935][12][B,I,][Times New Roman]] [[563,2936,2260,2993][12][B,I,][Times New Roman]]7RDFKLHYHWKHDGGLWLRQDOXQLWVWREHDWWDFKHGWKHDSSOLFDQWPXVWVXEPLWD [[557,2993,1066,3050][12][B,I,][Times New Roman]]SHUIRUPDQFHUHVLGHQWLDO [[1059,2993,1431,3050][12][B,I,][Times New Roman]]SODQIRUDSSURYDO [[1432,2993,1444,3050][12][B,I,][Times New Roman]] [[1441,2993,2261,3050][12][B,I,][Times New Roman]],IGHQVLW\H[FHHGVPLQLPXPWKUHVKROGV 5RFKHVWHU2OPVWHG3ODQQLQJ'HSDUWPHQW_&DPSXV'ULYH6(6XLWH_5RFKHVWHU01 3DFNHW3J )man]] [[1133,808,1686,865][12][B,I,][Times New Roman]]WKHLU*'3WRLQGLFDWHDFF [[1687,808,2261,865][12][B,I,][Times New Roman]]HVVWRWKHFHQWUDO ),][Times New Roman]]ORFDO [[1100,693,1459,750][12][B,I,][Times New Roman]]UHVLGHQWLDOVWUHHWV [[1459,693,1472,750][12][B,I,][Times New Roman]] [[1472,693,1484,750][12][B,I,][Times New Roman]] [[563,751,575,808][12][,I,][Times New Roman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imes New Roman]]7KLVFULWHULRQLVVDWLVILHG [[1196,1498,1208,1555][12][B,,][Times New Roman]] [[1227,1498,1541,1555][12][B,I,][Times New Roman]]7KHDSSOLFDQW [[1561,1498,1705,1555][12][B,I,][Times New Roman]]KDVUH [[1706,1498,1722,1555][12][B,I,][Times New Roman]] [[1722,1498,1925,1555][12][B,I,][Times New Roman]]VXEPLWWHG [[1923,1498,1935,1555][12][B, I,][Times New Roman]] [[1948,1498,2262,1555][12][B,I,][Times New Roman]]SODQVIRUWKH [[619,1556,1084,1613][12][B,I,][Times New Roman]]VHFRQGDU\DFFHVVDQG [[1091,1556,1286,1613][12][B,I,][Times New Roman]]DGGLWLRQD [[1287,1556,1303,1613][12][B,I,][Times New Roman]]O [[1301,1556,1313,1613][12][B,I,][Times New Roman]] [[1319,1556,2261,1613][12][B,I,][Times New Roman]]DFFHVVSRLQWWRWKHLQWHUQDOWRZQKRPHXQLWV [[619,1613,1569,1670][12][B,I,][Times New Roman]]FXUUHQWO\DFFHVVHGRQO\IURP5HG+DZN'U6( [[1568,1613,2261,1670][12][B,I,][Times New Roman]]QRZDFFHVVHGDOVRRQWKHSULYDWH [[619,1671,1371,1728][12][B,I,][Times New Roman]]VWUHHW H[WHQVLRQRI(DVWZRRG5G6( [[1372,1671,2262,1728][12][B,I,][Times New Roman]]7KHSODQVGRPHHWWKLVFULWHULRQDQGYHULI\ [[619,1728,1701,1785][12][B,I,][Times New Roman]]V\VWHPDGHTXDF\DQGVDIHW\WRDFFRPPRGDWHWULSVRQ [[1703,1728,1715,1785][12][B,I,][Times New Roman]] [[1715,1728,2261,1785][12][B,I,][Times New Roman]]WKHSURSRVHGVWUHHWV\VWHP [[619,1786,1609,1843][12][B,I,][Times New Roman]]ZLWKRXWFUHDWLQJKD]DUGVRUFDXVLQJGLVUXSWLRQ [[1610,1786,1622,1843][12][B,I,][Times New Roman]] [[452,1843,464,1900][12][B,I,][Times New Roman]] [[597,1901,2260,1958][12][B,I,][Times New Roman]]$OOLQIUDVWUXFWXUHQHHGHGWRDFFRPPRGDWHWKHGHYHORSPHQWLVWKHUHVSRQVLELOLW\ [[602,1958,954,2015][12][B,I,][Times New Roman]]RIWKHGHYHORSHU [[956,1958,2261,2015][12][B,I,][Times New Roman]]:KHUHDGHTXDWHSXEOLFIDFLOLWLHVDUHODFNLQJWKHGHYHORSHUKDV [[602,2016,942,2073][12][B,I,][Times New Roman]]WKHRSWLRQWRHQW [[941,2016,1907,2073][12][B,I,][Times New Roman]]HULQWRDGHYHORSPHQWDJUHHPHQWZLWKWKH&LW\ [[1909,2016,1921,2073][12][B,I,][Time s New Roman]] [[1920,2016,2261,2073][12][B,I,][Times New Roman]]$WUDIILFLPSDFW [[602,2073,1431,2130][12][B,I,][Times New Roman]]UHSRUWZDVZDLYHGE\WKH&LW\(QJLQHHU [[1432,2073,1444,2130][12][B,I,][Times New Roman]] [[452,2131,464,2188][12][B,I,][Times New Roman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imes New Roman]]7KHFXUUHQWSODQLVDFFHSWDEOHWRWKH)LUH'HSDUWPHQWDQG [[1859,2763,2022,2820][12][B,I,][Times New Roman]]VDWLVILHV [[2023,2763,2035,2820][12][B,I, ][Times New Roman]] [[2040,2763,2262,2820][12][B,I,][Times New Roman]])LUH&RGH [[600,2821,1630,2878][12][B,I,][Times New Roman]]UHJXODWLRQVDVHQXPHUDWHGLQWKH5)'UHIHUUDO [[1632,2821,1644,2878][12][B,I,][Times New Roman]] [[1653,2821,2261,2878][12][B,I,][Times New Roman]] :LWKWKHDGGLWLRQRIDILUH [[600,2878,1475,2935][12][B,I,][Times New Roman]]K\GUDQWDVLQGLFDWHGRQWKH5)'UHIHUUDO [[1477,2878,1489,2935][12][B,I,][Times New Roman]] [[600,2936,612,2993][12][B,I,][Times New Roman]] [[600,2993,794,3050][12][B,I,][Times New Roman]]&HUWDLQX [[796,2993,1733,3050][12][B,I,][Times New Roman]]WLOLWLHVDUHDYDLODEOHWRVHUYHWKHGHYHORSPHQW [[1733,2993,2261,3050][12][B,I,][Times New Roman]]7KHSURSHUWLHVDUHZLWKLQ [[600,3051,2260,3108][12][B,I,][Times New Roman]]WKH5RVH+DUERU+LJK/HYHO:DWHU6\VWHP$UHDZKLFKLVDYDLODEOHZLWKLQ5HG 5RFKHVWHU2OPVWHG3ODQQLQJ'HSDUWPHQW_&DPSXV'ULYH6(6XLWH_5RFKHVWHU01 3DFNHW3J )w Roman]]*'3DQG6SHFLDO'LVWULFWHOHPHQWVDUHDSSURYHGWKDWDUHLQFRQVLVWHQWZLWKWKH [[600,1096,829,1153][12][B,I,][Times New Roman]]FXUUHQW9 [[823,1096,2260,1153][12][B,I,][Times New Roman]]DOOH\6LGHDJUHHPHQWVWKH2ZQHUDQG&LW\VKDOOH[HFXWHD [[599,1153,2260,1210][12][B,I,][Times New Roman]]6XSSOHPHQWDO$JUHHPHQWWRDGGUHVVDQ\LQFRQVLVWHQFLHVSULRUWRUHFRUGLQJD [[600,1211,1804,1268][12][B,I,][Times New Roman]])LQDO3ODWDQGSULRUWRREWDLQLQJ6LWH'HYHORSPHQW3ODQ [[1811,1211,2261,1268][12][B,I,][Times New Roman]] RU&83RUILQDOVLWH [[594,1268,720,1325][12][B,I,][Times New Roman]]SODQ [[721,1268,1521,1325][12][B,I,][Times New Roman]]DSSURYDOIRUWKHSURSRVHGGHYHORSPHQW [[1521,1268,1533,1325][12][B,I,][Times New Roman]] [[1534,1268,2145,1325][12][B,I,][Times New Roman]]LQWKHHYHQWWKHUHLVQRUHSODW [[2146,1268,2158,1325][12][B,I,][Times New Roman]] 7KHDGHTXDF\RIRWKHUSXEOLFIDFLOLWLHVVKDOOEHEDVHGRQWKHOHYHORIVHUYLFH VWDQGDUGVLQ6HFWLRQDQGWKHSURSRVHGSKDVLQJSODQIRUGHYHORSPHQW [[601,1498,636,1555][12][B,I,][Times New Roman]]3 [[632,1498,1953,1555][12][B,I,][Times New Roman]]DUNODQGGHGLFDWLRQIRUWKHGHYHORSPHQWVKRXOGEHLQWKHIRUPRI [[1946,1498,1958,1555][12][B,I,][Tim es New Roman]] [[1958,1498,2262,1555][12][B,I,][Times New Roman]]FDVKLQOLHXRI [[602,1556,696,1613][12][B,I,][Times New Roman]]ODQG [[694,1556,706,1613][12][B,I,][Times New Roman]] [[708,1556,1213,1613][12][B,I,][Times New Roman]]DQGSDUNODQGGHGLFDWLRQ [[1213,1556,1226,1613][ 12][B,I,][Times New Roman]] [[1227,1556,1239,1613][12][B,I,][Times New Roman]] [[1241,1556,2261,1613][12][B,I,][Times New Roman]]7KHGHYHORSHUFDQHQWHULQWRDJUHHPHQWWRUHDFK [[602,1613,2261,1670][12][B,I,][Times New Roman]]WKHDGHTXDF\RIOHYHOUHTXLUHGIRUSXEOLFIDFLOLWLHVDQGLQIUDVWUXFWXUHDVIRXQGLQ [[601,1671,916,1728][12][B,I,][Times New Roman]]6HFWLRQ [[917,1671,929,1728][12][B,I,][Times New Roman]] [[713,1728,725,1785][12][,I,][Times New Roman]] &ULWHULD*7KHGUDLQDJHHURVLRQDQGFRQVWUXFWLRQLQWKHDUHDFDQEHKDQGOHGWKURXJKQRUPDO HQJLQHHULQJDQGFRQVWUXFWLRQSUDFWLFHVRUWKDWDWWKHWLPHRIODQGVXEGLYLVLRQDPRUH GHWDLOHGLQYHVWLJDWLRQRIWKHVHPDWWHUVZLOOEHSURYLGHGWRVROYHXQXVXDOSUREOHPV WKDWKDYHEHHQLGHQWLILHG [[563,2016,1020,2073][12][B,I,][Times New Roman]]7KHVWDWXVRIWKH*UDG [[1018,2016,2261,2073][12][B,I,][Times New Roman]]LQJDQG6WRUPZDWHU0DQDJHPHQW3ODQVKDOOEHDSSURYHGRU [[563,2073,2260,2130][12][B,I,][Times New Roman]]DSSURYHGZLWKFRQGLWLRQVSULRUWRVXEPLWWLQJWKH)LQDO3ODW6XEPLWWDORID)LQDO [[562,2131,2261,2188][12][B,I,][Times New Roman]]3ODWSULRUWRILQDO*UDGLQJDQG6WRUPZDWHU0DQDJHPHQW3ODQDSSURYDORU [[563,2188,1496,2245][12][B,I,][Times New Roman]]DSSURYDOZLWKFRQGLWLRQVUHTXLUHVDXWKRUL]DWL [[1497,2188,2261,2245][12][B,I,][Times New Roman]]RQIURPWKH&LW\(QJLQHHU3D\PHQW [[563,2246,2261,2303][12][B,I,][Times New Roman]]RIDQ\DSSOLFDEOH6WRUP:DWHU0DQDJHPHQW3ODQ$UHD&KDUJH 6:03$& LVGXH [[563,2303,1393,2360][12][B,I,][Times New Roman]]FRQFXUUHQWZLWK*UDGLQJ3ODQDSSURYDO [[1395,2303,1407,2360][12][B,I,][Times New Roman]] [[1407,2303,1996,2360][12][B,I,][Times New Roman]]3ULRUWRJUDGLQJDSSURYDOVW [[1996,2303,2262,2360][12][B,I,][Times New Roman]]KHDSSOLFDQW [[563,2361,1311,2418][12][B,I,][Times New Roman]]VKDOOGHPRQVWUDWHWKDWWKH\KDYHRII [[1304,2361,1320,2418][12][B,I,][Times New Roman]] [[1320,2361,1951,2418][12][B,I,][Times New Roman]]VLWHWHPSRU DU\JUDGLQJHDVHPH [[1952,2361,2261,2418][12][B,I,][Times New Roman]]QWVRUDUHDEOH [[563,2418,835,2475][12][B,I,][Times New Roman]]WRFRPSOHWHJ [[835,2418,1452,2475][12][B,I,][Times New Roman]]UDGLQJHQWLUHO\ZLWKLQWKHVLWH [[1453,2418,1465,2475][12][B,I,][Times New Roman]] &ULWHULD+:HWODQGVDQG(GJH6XSSRUW$UHDV DVGHILQHGLQ&KDSWHU ZLOOEHPDQDJHG FRQVLVWHQWZLWK&KDSWHUDQGZKHUHDSSOLFDEOHLQVXFKDZD\DVWRPDLQWDLQWKH TXDOLW\DQGTXDQWLW\RIJURXQGZDWHUUHFKDUJLQJORZHUDTXLIHUVDQGWRSURWHFW GLVFKDUJHLQWHUIORZLQILOWUDWLRQDQGUHFKDUJHSURFHVVHVWDNLQJSODFHSURYLGHG KRZHYHUWKDWWKH&RXQFLOPD\ZDLYHWKLVUHTXLUHPHQWXQGHUWKHSURYLVLRQVRI &KDSWHU [[561,2878,1131,2935][12][B,I,][Times New Roman]]1RK\GULFVRLOVH[LVWRQWKH [[1132,2878,1731,2935][12][B,I,][Times New Roman]]VLWHEDVHGRQWKH6RLO6XUYH\ [[1732,2878,1744,2935][12][B,I,][Times New Roman]] &ULWHULD,7KHORWEORFNDQGVWUHHWOD\RXWIRUDOOGHYHORSPHQWDQGWKHORWGHQVLW\IRUUHVLGHQWLDO GHYHORSPHQWDUHFRQVLVWHQWZLWKWKHVXEGLYLVLRQGHVLJQVWDQGDUGVFRQWDLQHGLQ 5RFKHVWHU2OPVWHG3ODQQLQJ'HSDUWPHQW_&DPSXV'ULYH6(6XLWH_5RFKHVWHU01 3DFNHW3J )Times New Roman]] [[1903,866,1915,923][12][B,I,][Times New Roman]] &ULWHULD-,IWKHHYHQWXDOSODWWLQJRIWKHDUHDLQYROYHVDSSURYDORID7\SH,,,/DQG6XEGLYLVLRQ 3HUPLWWKHSURSRVHGGHYHORSPHQWPXVWVDWLVI\RQHRIWKHIROORZLQJFDWHJRULHVRI GHYHORSPHQW $GHYHORSPHQWERXQGHGRQDOOVLGHVE\DUWHULDORUKLJKHUOHYHOVWUHHWVVWUHDPVRU RWKHUWRSRJUDSKLFFRQVWUDLQWVH[LVWLQJGHYHORSPHQWODQGDOUHDG\LQFOXGHGLQDQ DSSURYHG*HQHUDO'HYHORSPHQW3ODQRUSHUPDQHQWRSHQVSDFHWKDWOLPLWVWKH LQFOXVLRQRIRWKHUDEXWWLQJODQGV $GHYHORSPHQWZLWKDGHTXDWHSXEOLFIDFLOLWLHVDQGFRQVWLWXWLQJWKHHQWLUH UHPDLQLQJVHUYLFHDUHDRIDPDMRUSXEOLFIDFLOLW\LPSURYHPHQW VXFKDVDWUXQN VHZHURUZDWHUWRZHU WKDWKDVEHHQLGHQWLILHGDVDSURMHFWLQWKH&DSLWDO ,PSURYHPHQW3URJUDP $GHYHORSPHQWWKDWFRQVLVWVRIDWOHDVWDFUHVLQODQGDUHDUHJDUGOHVVRI RZQHUVKLSRULQWHUHVWDQGFRQVLVWVRIDOOODQGVIRUZKLFKWKHDSSOLFDQWKDV RZQHUVKLSRULQWHUHVWRU $GHYHORSPHQWIRUZKLFKDGHYHORSPHQWDJUHHPHQWKDVEHHQH[HFXWHGE\WKH RZQHUDQGWKHFLW\IRUWKHHQWLUHSURSHUW\LQFOXGHGLQWKHSURSRVHGJHQHUDO GHYHORSPHQWSODQ7KHGHYHORSPHQWDJUHHPHQWPXVWKDYHEHHQGUDIWHGEDVHGRQ WKHGHYHORSPHQWRIWKHSURSHUW\RFFXUULQJDVSURSRVHGLQWKHJHQHUDO GHYHORSPHQWSODQ [[563,2303,1226,2360][12][B,I,][Times New Roman]]7KHJHQHUDOGHYHORSPHQWSODQ [[1237,2303,1567,2360][12][B,I,][Times New Roman]]ERXQGDULHVDUH [[1577,2303,2261,2360][12][B,I,][Times New Roman]]DOUHDG\LQFOXGHGLQDQH[LVWLQJ [[563,2361,916,2418][12][B,I,][Times New Roman]]GHYHORSPHQWDJU [[916,2361,2261,2418][12][B,I,][Times New Roman]]HHPHQW WKH*HQHUDO'HYHORSPHQW3ODQLVUHSODFLQJWKH [[557,2418,1579,2475][12][B,I,][Times New Roman]]SUHYLRXVSODQDQGKDVWKHVDPHERXQGDULHV [[1580,2418,1592,2475][12][B,I,][Times New Roman]] [[563,2476,575,2533][12][B,I,][Times New Roman]] &ULWHULD.7KH3ODQLVLQFRPSOLDQFHZLWKWKH&RPSUHKHQVLYH3ODQDQGWKH&RPSOHWH6WUHHWV SROLF\RIWKH&LW\ [[563,2648,1565,2705][12][B,I,][Times New Roman]]7KH3ODQDSSHDUVWREHLQFRPSOLDQFHZLWKWKH [[1571,2648,2003,2705][12][B,I,][Times New Roman]]&RPSUHKHQVLYH3ODQ [[2004,2648,2262,2705][12][B,I,][T imes New Roman]]$GGLWLRQDO [[563,2706,1753,2763][12][B,I,][Times New Roman]]VLWHGHWDLOVXFKDVVLGHZDONVDQGSHGHVWULDQWUDLOVZLOOEH [[1754,2706,1766,2763][12][B,I,][Times New Roman]] [[1768,2706,2262,2763][12][B,I,][Tim es New Roman]]UHYLHZHGDWWKHSODWWLQJ [[563,2763,1066,2820][12][B,I,][Times New Roman]]DQGILQDOVLWHSODQVWDJH [[1067,2763,1079,2820][12][B,I,][Times New Roman]] [[1080,2763,1092,2820][12][B,I,][Times New Roman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¶VFRQVXOWLQJHQJLQHHU 7KHUHDUHFHUWDLQGHYHORSPHQWFKDUJHREOLJDWLRQVFRQWDLQHGLQWKH6HFRQG6XSSOHPHQWDO $JUHHPHQWWKDWDUHGXHDWWKHSUHVHQWWLPH ZLWKRUZLWKRXWWKLVSURMHFWPRYLQJIRUZDUG $Q LQYRLFHIRUWKHVHREOLJDWLRQVZLOOEHVHQWVKRUWO\DQGSD\PHQWLVGXHFRQVLVWHQWZLWKWKHWHUPV RIWKHDJUHHPHQW 2QHDGGLWLRQDOILUHK\GUD QWLQWKH1:FRUQHURIWKHGHYHORSPHQWEHWZHHQWKHWZRµ(¶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rial]] 07KDWWKHVRLOVWRSRJUDSK\DQGZDWHUWDEOHVKDYHEHHQDGHTXDWHO\VWXGLHGWRHQVXUHWKDWDOOORWVDUH GHYHORSDEOHIRUWKHLUGHVLJQDWHGSXUSRVHV 17KDWWKHSURSRVHGODQGVXEGLYLVLRQLVFRQVLVWHQWZLWKWKHVWDQGDUGVRIWKH&LW\¶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¶V KDYHRQWKDWVDPHSODWHDX%HWWHUIRUDFXOGXVDFWRVHUYHDQDUHDWKDWLVIDLUO\HYHQRQLWVWKUHH VLGHV )XUWKHUWRWKLVZHKDYHWKHIROORZLQJGHPDQG2Q+DZWKRUQH&RXUW6( VLF DWDGLVWDQFHIHHW QRUWKRIWKHSURSHUW\OLQHEHWZHHQWKHSURSRVHGGHYHORSPHQWDQGWKH6PLWKWKUHHDFUHVVODQW +DZWKRUQH&RXUW6(PRUHWRWKHZHVW7KLVZLOOFDXVH+DZWKRUQH&RXUW6(¶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x UHWDLQLQJZDOOVORRNVWREHULSUDS:KDWLVWKHPDWHULDOWKDWVKDOOEHXVHGLQWKLVWULDQJXODU DUHD"&DQQRWWKHH[LVWLQJVORSHDQGJUDVVWUHHVEHXVHGWRKROGEDFNWKHVORSH" &RPPHQWV6XJJHVWLRQV 6XJJHVW &LW\ &XUUHQWO\WKHQDPHRIWKHURDGWKDWOHDYHVWKHSURSRVDOWRWKHVRXWKLV+DZWKRUQH x &RXUW7KHUHDOUHDG\DUHDVHULHVRI+DWKRUQH+LOO/DQHDQG5RDGQHDU+DZWKRUQH+LOOV3DUN1( 5RFKHVWHU:HWKLQNLWVKRXOGEHDELUGEDVHGQDPHJLYHQWKHRWKHUQDPHVLQWKHDUHD7KH3DXOH\V DQG6PLWKVDUHFXUUHQWO\YRWLQJRQDQDPHZHZRXOGOLNHWRVXJJHVWWRWKH&LW\RI5RFKHVWHU2QFHWKLV YRWHKDVEHHQWDNHQZHZLOOXSGDWH\RXDOO7KHFXUUHQWVKRUWOLVWLQFOXGHV.HVWUHO&KLFNDGHH +XPPLQJELUG.LOOGHHU.LQJILVKHUDQG1LJKWKDZN DOOZLWKWKHVXIIL[&RXUW 3DFNHW3J ) ) ) )ƌŝŐŚƚͲŽĨͲǁĂǇŽĨZĞĚ ,ĂǁŬƌŝǀĞ^ĂŶĚ&ĂůĐŽŶZŽĂĚ^͘dŚĞĚĞǀĞůŽƉŵĞŶƚŝƐůŽĐĂƚĞĚĂƉƉƌŽǆŝŵĂƚĞůǇĂƚƚŚĞĞĂƐƚ ƚĞƌŵŝŶĂƚŝŽŶƐŽĨZĞĚ,ĂǁŬƌŝǀĞ^ĂŶĚ&ĂůĐŽŶZŽĂĚ^͕ŝŶƚŚĞsĂůůĞǇ^ŝĚĞƐƚĂƚĞƐdŚƌĞĞƉůĂƚ͘ _3DJH 3DFNHW3J )ĂŶ^ŵŝƚŚ͕ƌĞƐŝĚŝŶŐϰϮϭϰĂƐƚǁŽŽĚZŽĂĚ^͕ZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂϱϱϵϬϰ͕ĂĚĚƌĞƐƐĞĚƚŚĞ ŽŵŵŝƐƐŝŽŶ͘,ĞǁŝůůǁŽƌŬǁŝƚŚƚŚĞĚĞǀĞůŽƉĞƌŽŶĐŽŵŝŶŐƚŽĂŶĂŐƌĞĞŵĞŶƚ͘ tŝƚŚŶŽŽŶĞĞůƐĞǁŝƐŚŝŶŐƚŽďĞŚĞĂƌĚ͕DƐ͘DĞĞŬĐůŽƐĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ Dƌ͘ƵƌƐƚŵŽǀĞĚƚŽƌĞĐŽŵŵĞŶĚĂƉƉƌŽǀĂůŽĨ'ĞŶĞƌĂůĞǀĞůŽƉŵĞŶƚWůĂŶηZϬϬϯϰϬ'WǁŝƚŚƚŚĞ ƐƚĂĨĨͲƌĞĐŽŵŵĞŶĚĞĚĨŝŶĚŝŶŐƐĂŶĚĐŽŶĚŝƚŝŽŶƐǁŝƚŚƐƚƌŝŬŝŶŐĐŽŶĚŝƚŝŽŶŶŽ͘ϭϲ͘Dƌ͘,ŝůůƐĞĐŽŶĚĞĚƚŚĞ ŵŽƚŝŽŶ͘dŚĞŵŽƚŝŽŶĐĂƌƌŝĞĚƵŶĂŶŝŵŽƵƐůǇ͘ KE/d/KE^͗ ϭ͘dŚĞƌĞŝƐĂŶĞǆŝƐƚŝŶŐĞǀĞůŽƉŵĞŶƚŐƌĞĞŵĞŶƚĂŶĚƚǁŽ^ƵƉƉůĞŵĞŶƚĂůŐƌĞĞŵĞŶƚƐĂƉƉůŝĐĂďůĞƚŽ ƚŚĞsĂůůĞǇ^ŝĚĞĞǀĞůŽƉŵĞŶƚ͘ĞƌƚĂŝŶƚĞƌŵƐĂŶĚŽďůŝŐĂƚŝŽŶƐŚĂǀĞŶŽƚďĞĞŶŵĞƚ͕ĂŶĚƚŚĞĐƵƌƌĞŶƚ ƉƌŽƉŽƐĂůǀĂƌŝĞƐĨƌŽŵƚŚĞĚĞǀĞůŽƉŵĞŶƚƉůĂŶŶĞĚĂƚƚŚĞƚŝŵĞƚŚĞĞǆŝƐƚŝŶŐŐƌĞĞŵĞŶƚĂŶĚ ^ƵƉƉůĞŵĞŶƚĂůŐƌĞĞŵĞŶƚƐǁĞƌĞĞǆĞĐƵƚĞĚ͘/Ĩ'WĂŶĚ^ƉĞĐŝĂůŝƐƚƌŝĐƚĞůĞŵĞŶƚƐĂƌĞĂƉƉƌŽǀĞĚ ƚŚĂƚĂƌĞŝŶĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞĐƵƌƌĞŶƚsĂůůĞǇ^ŝĚĞĂŐƌĞĞŵĞŶƚƐ͕ƚŚĞKǁŶĞƌĂŶĚŝƚǇ͕ƐŚĂůů ĞǆĞĐƵƚĞĂ^ƵƉƉůĞŵĞŶƚĂůŐƌĞĞŵĞŶƚƚŽĂĚĚƌĞƐƐĂŶǇŝŶĐŽŶƐŝƐƚĞŶĐŝĞƐ͕ƉƌŝŽƌƚŽƌĞĐŽƌĚŝŶŐĂ&ŝŶĂů WůĂƚĂŶĚƉƌŝŽƌƚŽŽďƚĂŝŶŝŶŐ^ŝƚĞĞǀĞůŽƉŵĞŶƚWůĂŶĂƉƉƌŽǀĂůĨŽƌƚŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚŝŶ ƚŚĞĞǀĞŶƚƚŚĞƌĞŝƐŶŽƌĞƉůĂƚ͘ _3DJH 3DFNHW3J )ƚŚŝŶZĞĚ ,ĂǁŬƌ^Θ&ĂůĐŽŶZĚ^͘dŚĞĚĞǀĞůŽƉĞƌǁŝůůďĞŽďůŝŐĂƚĞĚƚŽƉůĂƚƉƵďůŝĐĞĂƐĞŵĞŶƚƐƚŽ ĂĐĐŽŵŵŽĚĂƚĞƚŚĞĞǆŝƐƚŝŶŐƉƵďůŝĐƵƚŝůŝƚŝĞƐƐƵĐŚƚŚĂƚĂƉƵďůŝĐĞĂƐĞŵĞŶƚĞǆƚĞŶĚƐĂƚůĞĂƐƚϭϬĨƚ ĨƌŽŵƚŚĞĐĞŶƚĞƌůŝŶĞŽĨĂůůƉƵďůŝĐƵƚŝůŝƚŝĞƐ͘ ϲ͘dŚĞĚĞǀĞůŽƉĞƌŝƐŽďůŝŐĂƚĞĚƚŽĚĞĚŝĐĂƚĞĂůůĂƉƉůŝĐĂďůĞƉƵďůŝĐĞĂƐĞŵĞŶƚĨŽƌŶĞǁŝŶĨƌĂƐƚƌƵĐƚƵƌĞ ƚŚĂƚŝƐŶĞĞĚĞĚĨŽƌƚŚŝƐĚĞǀĞůŽƉŵĞŶƚ͘^ĂŝĚĚĞĚŝĐĂƚŝŽŶƐŚĂůůďĞǀŝĂƚŚĞƉůĂƚǁŚĞƌĞĂƉƉůŝĐĂďůĞ͕ĂŶĚ ǀŝĂƐĞƉĂƌĂƚĞĚŽĐƵŵĞŶƚŝĨĞǆĂĐƚĂůŝŐŶŵĞŶƚƐĂƌĞŶŽƚŬŶŽǁŶĂƚƚŚĞƚŝŵĞŽĨ&ŝŶĂůWůĂƚ͘ ϳ͘WƵďůŝĐtŽƌŬƐƐƵƉƉŽƌƚĨŽƌƚŚĞƉƌŽƉŽƐĞĚƐƚƌĞĞƚƌĞĂůŝŐŶŵĞŶƚǁŝƚŚŝŶƚŚĞĞĂƐƚĞƌůǇĂŶĚƐŽƵƚŚĞƌůǇ ƉŽƌƚŝŽŶŽĨƚŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚŝƐĐŽŶƚŝŶŐĞŶƚŽŶƚŚĞKǁŶĞƌƌĞĂĐŚŝŶŐĂŶĂŐƌĞĞŵĞŶƚǁŝƚŚ ƚŚĞŝƚǇWĂƌŬƐĞƉĂƌƚŵĞŶƚƌĞŐĂƌĚŝŶŐŵĂŝŶƚĞŶĂŶĐĞŽĨƉĞĚĞƐƚƌŝĂŶĨĂĐŝůŝƚŝĞƐ;ŝŶĐůƵĚŝŶŐƐŶŽǁ ƌĞŵŽǀĂůͿĂůŽŶŐƚŚĞƉƵďůŝĐƌŽĂĚĨƌŽŶƚĂŐĞƐŽĨƚŚĞƉƌŽƉŽƐĞĚƉĂƌŬůĂŶĚ͕ĂƐǁĞůůĂƐ͕ŵĂŝŶƚĞŶĂŶĐĞŽĨ ƚŚĞƉƌŽƉŽƐĞĚƐƚŽƌŵǁĂƚĞƌƉŽŶĚĨĞĂƚƵƌĞǁŝƚŚŝŶƚŚĞƉƌŽƉŽƐĞĚƉŽŶĚƉĂƌĐĞů͘WĞĚĞƐƚƌŝĂŶ&ĂĐŝůŝƚŝĞƐ ĂƌĞƌĞƋƵŝƌĞĚĂůŽŶŐďŽƚŚĨƌŽŶƚĂŐĞƐŽĨĂůůƉƵďůŝĐƐƚƌĞĞƚƐǁŝƚŚŝŶͬĂďƵƚƚŝŶŐƚŚŝƐĚĞǀĞůŽƉŵĞŶƚ͘/Ŷ ĂĚĚŝƚŝŽŶ͕ĂůůĚƌŝǀĞǁĂǇƐƐŚĂůůďĞĐŽŶƐƚƌƵĐƚĞĚĂƐƐƚĂŶĚĂƌĚ͞dǇƉĞ͟ĂƉƉƌŽĂĐŚĞƐǁŝƚŚĂƐŝĚĞǁĂůŬ ƐĞĐƚŝŽŶ͘/ƚŝƐƵŶĐůĞĂƌŝĨƚŚĞƐĞĐƌŝƚĞƌŝĂǁĞƌĞƉƌŽƉŽƐĞĚƚŽďĞŵĞƚĨƌŽŵƚŚĞĚĞƚĂŝůƐƐŚŽǁŶŽŶƚŚĞ 'W͘ ϴ͘ǆĞĐƵƚŝŽŶŽĨĂŝƚǇͲKǁŶĞƌŽŶƚƌĂĐƚ͕ĂŶĚĚĞĚŝĐĂƚŝŽŶŽĨĂŶǇĂƉƉůŝĐĂďůĞƉƵďůŝĐĞĂƐĞŵĞŶƚƐ;ŶŽƚ ƐŚŽǁŶŽŶƚŚĞƉůĂƚͿŝƐƌĞƋƵŝƌĞĚƉƌŝŽƌĨŽƌĂŶǇŶĞǁͬĂĚĚŝƚŝŽŶĂůƉƵďůŝĐŝŶĨƌĂƐƚƌƵĐƚƵƌĞŶĞĞĚĞĚƚŽ ƐĞƌǀĞƚŚŝƐĚĞǀĞůŽƉŵĞŶƚ͘WƵďůŝĐƐŝĚĞǁĂůŬĂůŽŶŐƚŚĞĨƌŽŶƚĂŐĞƐŽĨƚŚĞƉƌŽƉŽƐĞĚƉĂƌŬůĂŶĚƐŚĂůůďĞ _3DJH 3DFNHW3J )ƚŚĞŝƌďŽƵůĞǀĂƌĚƚƌĞĞŽďůŝŐĂƚŝŽŶƐĨŽƌĞĂĐŚƉŚĂƐĞŽĨ ƚŚĞĚĞǀĞůŽƉŵĞŶƚ͘dƌĞĞƐƐŚĂůůďĞƉůĂŶƚĞĚĞǀĞƌǇϱϬĨĞĞƚ͘ ϭϳ͘dŚĞĂƉƉůŝĐĂŶƚƐŚĂůůƐƵďŵŝƚĂƌĞǀŝƐĞĚ'WƚŽWůĂŶŶŝŶŐǁŝƚŚƚŚĞĨŽůůŽǁŝŶŐƌĞǀŝƐŝŽŶƐ͗ Ă͘^ƚƌŝŬĞďƵĨĨĞƌǇĂƌĚŝŶĨŽƌŵĂƚŝŽŶĨƌŽŵƚŚĞ'W͘ ď͘hŶĚĞƌ͚'ĞŶĞƌĂůĞǀĞůŽƉŵĞŶƚWůĂŶƐ͕͛ůĞƚƚĞƌ͚͕͛͘ƐƚƌŝŬĞƌĞĨĞƌĞŶĐĞƐƚŽƚŚĞ^ƉĞĐŝĂůŝƐƚƌŝĐƚ͘ dŚĞǌŽŶŝŶŐĨŽƌƚŚĞƚŽǁŶŚŽŵĞĚĞǀĞůŽƉŵĞŶƚƉŽƌƚŝŽŶŽĨƚŚĞƐŝƚĞŝƐZͲϮ͘dŚĞƉĂƌŬůĂŶĚĂƌĞĂ ŝƐ^ƉĞĐŝĂůŝƐƚƌŝĐƚ͘ Dƌ͘ƵƌƐƚŵŽǀĞĚƚŽƌĞĐŽŵŵĞŶĚĂƉƉƌŽǀĂůŽĨsĂĐĂƚŝŽŶWĞƚŝƚŝŽŶηZϮϬϭϲͲϬϬϮsǁŝƚŚƚŚĞƐƚĂĨĨͲ ƌĞĐŽŵŵĞŶĚĞĚĐŽŶĚŝƚŝŽŶƐ͘Dƌ͘^ŝŵƐƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘dŚĞŵŽƚŝŽŶĐĂƌƌŝĞĚƵŶĂŶŝŵŽƵƐůǇ͘ KE/d/KE^͗ ϭ͘WƵďůŝĐtŽƌŬƐŚĂƐŶŽŽďũĞĐƚŝŽŶƚŽƚŚĞƉƌŽƉŽƐĞĚǀĂĐĂƚŝŽŶ͕ƉƌŽǀŝĚĞĚƉƵďůŝĐƵƚŝůŝƚǇĂŶĚĚƌĂŝŶĂŐĞ ĞĂƐĞŵĞŶƚƐĂƌĞĚĞĚŝĐĂƚĞĚŽǀĞƌƚŚĞĂůŝŐŶŵĞŶƚŽĨĞǆŝƐƚŝŶŐĂŶĚƉƌŽƉŽƐĞĚƉƵďůŝĐŝŶĨƌĂƐƚƌƵĐƚƵƌĞ ĐŽŶĐƵƌƌĞŶƚǁŝƚŚƚŚĞ&ĂůĐŽŶ,ĞŝŐŚƚƐŽĨZŽĐŚĞƐƚĞƌ&ŝŶĂůWůĂƚ͘dŚĞĞĂƐĞŵĞŶƚƐƐŚĂůůďĞŽĨƐƵĨĨŝĐŝĞŶƚ ǁŝĚƚŚƚŽŝŶĐůƵĚĞϭϬĨĞĞƚĨƌŽŵĐĞŶƚĞƌůŝŶĞŽŶĞŝƚŚĞƌƐŝĚĞŽĨƚŚĞĞǆŝƐƚŝŶŐŽƌƉƌŽƉŽƐĞĚƵƚŝůŝƚŝĞƐ͘ _3DJH 3DFNHW3J )ŝŽƌƚŽƌĞĐŽƌĚŝŶŐƚŚĞ&ŝŶĂůWůĂƚ͘/ƚ ĂƉƉĞĂƌƐƚŚĂƚƚŚĞƉƌŽǆŝŵŝƚǇŽĨĐĞƌƚĂŝŶŝŵƉƌŽǀĞŵĞŶƚƐƚŽƚŚĞƐŽƵƚŚWƌŽƉĞƌƚǇůŝŶĞǁŝůůƌĞƋƵŝƌĞ ŽĨĨͲƐŝƚĞƚĞŵƉŽƌĂƌǇŐƌĂĚŝŶŐĞĂƐĞŵĞŶƚƐ͘WƌŝŽƌƚŽŽƌĐŽŶĐƵƌƌĞŶƚǁŝƚŚ&ŝŶĂůWůĂƚĂƉƉƌŽǀĂů͕ƚŚĞ ĂƉƉůŝĐĂŶƚƐŚŽƵůĚĚĞŵŽŶƐƚƌĂƚĞƚŚĂƚƚŚĞǇŚĂǀĞĞĂƐĞŵĞŶƚƐŝŶƉůĂĐĞ͕ŽƌƚŚĂƚƚŚĞǇĐĂŶĐŽŶƐƚƌƵĐƚ ĂůůŽŶͲƐŝƚĞŝŵƉƌŽǀĞŵĞŶƚƐǁŝƚŚŽƵƚŐƌĂĚŝŶŐŽĨĨͲƐŝƚĞ͘ ϰͿdŚĞĂƉƉůŝĐĂŶƚŝƐĨŝŶĂŶĐŝĂůůǇŽďůŝŐĂƚĞĚĨŽƌƚŚĞĐŽƐƚƚŽŝŵƉƌŽǀĞĂƐƚǁŽŽĚZĚ^ĨƌŽŵϰϬƚŚǀĞ ^ƚŽĂŶĚŝŶĐůƵĚŝŶŐƚŚĞƉƌŽƉŽƐĞĚƉƵďůŝĐĐƵůͲĚĞͲƐĂĐďƵůďĂƚƚŚĞƐŽƵƚŚǁĞƐƚĐŽƌŶĞƌŽĨƚŚĞ WƌŽƉĞƌƚǇ͘dŚĞƐĞŝŵƉƌŽǀĞŵĞŶƚƐƐŚĂůůďĞĐŽŵƉůĞƚĞĚĐŽŶĐƵƌƌĞŶƚǁŝƚŚĚĞǀĞůŽƉŵĞŶƚŽĨƚŚĞ WƌŽƉĞƌƚǇĂŶĚƚŚƌŽƵŐŚĂŝƚǇͲKǁŶĞƌŽŶƚƌĂĐƚ͘ ϱͿ^ŝŶĐĞĂƐƚǁŽŽĚZĚ^ŝƐŶŽůŽŶŐĞƌƉůĂŶŶĞĚƚŽĞǆƚĞŶĚĞĂƐƚĞƌůǇĂĐƌŽƐƐƚŚŝƐWƌŽƉĞƌƚǇĂƐĂ ƉƵďůŝĐƌŽĂĚ͕ĂƉƵďůŝĐƚƵƌŶͲĂƌŽƵŶĚŝƐŶĞĞĚĞĚĂƚƚŚĞƐŽƵƚŚĞƌůǇĞǆƚĞŶĚŽĨ,ĂǁƚŚŽƌŶĞŽƵƌƚ^ ǁŚŝĐŚƐŚĂůůďĞĐŽŶƐƚƌƵĐƚĞĚĂƐƉĂƌƚŽĨƚŚĞŝƚǇͲKǁŶĞƌŽŶƚƌĂĐƚƉƵďůŝĐŝŵƉƌŽǀĞŵĞŶƚƐĨŽƌ &ĂůĐŽŶ,ĞŝŐŚƚƐŽĨZŽĐŚĞƐƚĞƌ͘dŚĞĂƉƉůŝĐĂŶƚǁŝůůďĞƌĞƋƵŝƌĞĚƚŽŽďƚĂŝŶĂŶǇĂƉƉůŝĐĂďůĞŽĨĨͲƐŝƚĞ ĞĂƐĞŵĞŶƚƐĨŽƌŐƌĂĚŝŶŐƵŶůĞƐƐƚŚĞĚĞƐŝŐŶĚĞŵŽŶƐƚƌĂƚĞƐƚŚĂƚƚŚĞƚƵƌŶͲĂƌŽƵŶĚĐĂŶďĞ ĐŽŶƐƚƌƵĐƚĞĚǁŝƚŚŽƵƚŐƌĂĚŝŶŐŽĨĨͲƐŝƚĞ͘ ϲͿdŚŝƐĚĞǀĞůŽƉŵĞŶƚŝƐĐŽŶĚŝƚŝŽŶĞĚŽŶŽƵŶĐŝůĂƉƉƌŽǀĂůŽĨƚŚĞƉƌŽƉŽƐĞĚǀĂĐĂƚŝŽŶĨŽƌƉŽƌƚŝŽŶƐ ŽĨƚŚĞZĞĚ,ĂǁŬƌ^Θ&ĂůĐŽŶZĚ^ƌŝŐŚƚƐͲŽĨͲǁĂǇ͘dŚĞƌĞĂƌĞĞǆŝƐƚŝŶŐƉƵďůŝĐƵƚŝůŝƚŝĞƐ ǁŝƚŚŝŶZĞĚ,ĂǁŬƌ^Θ&ĂůĐŽŶZĚ^͘dŚĞĚĞǀĞůŽƉĞƌǁŝůůďĞŽďůŝŐĂƚĞĚƚŽƉůĂƚƉƵďůŝĐ _3DJH 3DFNHW3J )ŶƚǁŝƚŚƚŚĞ ƚĞƌŵƐŽĨƚŚĞĂŐƌĞĞŵĞŶƚ͘ ϭϭͿKŶĞĂĚĚŝƚŝŽŶĂůĨŝƌĞŚǇĚƌĂŶƚŝŶƚŚĞEtĐŽƌŶĞƌŽĨƚŚĞĚĞǀĞůŽƉŵĞŶƚ͕ďĞƚǁĞĞŶƚŚĞƚǁŽ͚͛ ďƵŝůĚŝŶŐƐ͕ƐŚĂůůďĞĂĚĚĞĚĨŽƌƉƌŽƉĞƌƚǇǁĂƚĞƌƐƵƉƉůǇĨŽƌĞŵĞƌŐĞŶĐǇĨŝƌĞŽƉĞƌĂƚŝŽŶƐŽŶƚŚĞ ďĂĐŬƐŝĚĞ;ǁĞƐƚͿŽĨƚŚŽƐĞďƵŝůĚŝŶŐƐ͘ ϭϮͿŶǇƐƚŽƌŵǁĂƚĞƌĨĂĐŝůŝƚŝĞƐƐŚĂůůďĞƌĞƋƵŝƌĞĚƚŽŚĂǀĞĂĚƌĂŝŶĂŐĞĞĂƐĞŵĞŶƚ͘ ϭϯͿdŚĞǁĂƚĞƌŵĂŝŶŵƵƐƚďĞƌƵŶƚŚƌŽƵŐŚƚŚĞĂƌĞĂƐŽƵƚƐŝĚĞŽĨƚŚĞƉƵďůŝĐƐƚƌĞĞƚƐŝŶƐƵĐŚĂǁĂǇĂƐ ƚŽƉƌŽǀŝĚĞĂĚĞƋƵĂƚĞůŽŽƉŝŶŐŽĨƚŚĞƐǇƐƚĞŵĨŽƌĨŝƌĞƉƌŽƚĞĐƚŝŽŶĂŶĚǁĂƚĞƌƋƵĂůŝƚǇĂŶĚǁĂƚĞƌ ŵĂŝŶƐŵƵƐƚďĞĞǆƚĞŶĚĞĚƚŽĂĚũĂĐĞŶƚƉƌŽƉĞƌƚŝĞƐƉĞƌZWhƌĞƋƵŝƌĞŵĞŶƚƐ͘ ϭϰͿdŚĞϰϬͲĂĐƌĞĚĞǀĞůŽƉŵĞŶƚƐŚĂůůďĞůŝŵŝƚĞĚƚŽϭ͕ϮϬϬĂǀĞƌĂŐĞĚĂŝůǇƚƌŝƉƐƵŶƚŝůƚŚĞƉƌŽƉŽƐĞĚ ƐĞĐŽŶĚĂƌǇĂĐĐĞƐƐŝƐƉƌŽǀŝĚĞĚ͘ ϭϱͿĞĚŝĐĂƚŝŽŶŽĨĂϭϬĨŽŽƚǁŝĚĞƉůĂƚƚĞĚƉƵďůŝĐƵƚŝůŝƚǇĞĂƐĞŵĞŶƚƐĂƌĞƌĞƋƵŝƌĞĚĂůŽŶŐƚŚĞ ĨƌŽŶƚĂŐĞƐŽĨĂůůƉƵďůŝĐƐƚƌĞĞƚƐ͘ ϭϲͿdŚĞWĂƌŬĂŶĚZĞĐƌĞĂƚŝŽŶĞƉĂƌƚŵĞŶƚƌĞĐŽŵŵĞŶĚƐƚŚĂƚĚĞĚŝĐĂƚŝŽŶƌĞƋƵŝƌĞŵĞŶƚƐďĞŵĞƚ ǀŝĂ͗ĐŽŵďŝŶĂƚŝŽŶŽĨůĂŶĚĂŶĚĐĂƐŚǁŝƚŚůĂŶĚĚĞĚŝĐĂƚŝŽŶĂŶĚƉĂǇŵĞŶƚĚƵĞƉƌŝŽƌƚŽ ƌĞĐŽƌĚĂƚŝŽŶŽĨƚŚĞĨŝŶĂůƉůĂƚ͘>ĂŶĚĚĞĚŝĐĂƚŝŽŶƚŽďĞƚŚĞϮ͘ϴϭĂĐƌĞůŽƚƐŚŽǁŶŽŶƚŚĞ'W͘ _3DJH 3DFNHW3J )/ǀŽƌǇZŽĂĚ͕ĂŶĚŽƌĂůZŝĚŐĞZŽĂĚEǁŝůůŶŽƚďĞƵƐĞĚ͘ Dƌ͘ƌƵĐĞĂŬĞƌ͕ƌĞƐŝĚŝŶŐĂƚϮϰϯϴŽƌĂůZŝĚŐĞZŽĂĚE͕ZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂϱϱϵϬϰ͕ĂĚĚƌĞƐƐĞĚƚŚĞ ŽŵŵŝƐƐŝŽŶ͘,ĞƐƚĂƚĞĚŚĞŚĂƐǁĂůŬĞĚƚŚĞĂƌĞĂǁŚŝĐŚŝƐƵŶĚĞƌĐŽŶƐŝĚĞƌĂƚŝŽŶĂŶĚŶŽƚĞĚƚŚĞĨŝůůĂƌĞĂŝƐĂ ůŽǁƐƉŽƚƚŚĂƚŶĞĞĚƐƚŽďĞďƌŽƵŐŚƚƵƉƚŽŐƌĂĚĞƚŽŵĂƚĐŚƚŚĞƚŽƉŽŐƌĂƉŚǇ͖ĂŶĚƚŚĞĚĞǀĞůŽƉĞƌŝƐŐŽŽĚƚŽ ǁŽƌŬǁŝƚŚĂŶĚŚĂƐďĞĞŶĐŽŽƉĞƌĂƚŝǀĞǁŝƚŚŶĞŝŐŚďŽƌƐ͘ Dƌ͘<ĞǀŝŶ^ƚĞƌŶďĞƌŐ͕ƌĞƐŝĚŝŶŐĂƚϲϱϳϮϱƚŚǀĞŶƵĞ͕<ĂƐƐŽŶ͕DŝŶŶĞƐŽƚĂϱϱϵϰϰ͕ĂĚĚƌĞƐƐĞĚƚŚĞ ŽŵŵŝƐƐŝŽŶ͘,ĞŶŽƚĞĚŚĞĐĂŶƉƵƚƐŽŵĞƐŝŐŶƐŽƵƚĨŽƌƚŚĞĚƌŝǀĞƌƐĂŶĚĂĚĚĂŵƵůƚŝůŝŶŐƵĂůůĂŶŐƵĂŐĞ͖ĂŶĚ ĂƐŬĞĚŶĞŝŐŚďŽƌƐŝĨƚŚĞǇǁŽƵůĚůŝŬĞĂĚĚŝƚŝŽŶĂůƐŝŐŶƐĂĚĚĞĚĨŽƌĚŝƌĞĐƚŝŽŶƚŽƚŚĞƚƌƵĐŬĚƌŝǀĞƌƐ͘ tŝƚŚŶŽŽŶĞĞůƐĞǁŝƐŚŝŶŐƚŽďĞŚĞĂƌĚ͕DƐ͘DĞĞŬĐůŽƐĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ Dƌ͘ƵƌƐƚƐƚĂƚĞĚŚĞŚĂƐǀŝƐŝƚĞĚƚŚĞƐŝƚĞ͖ĂŶĚĨĞĞůƚŚĞǇŚĂǀĞĚŽŶĞĂŐƌĞĂƚũŽďŐƌŽǁŝŶŐƚŚĞĂƌĞĂĂŶĚ ƉƌŽĚƵĐĞĂŐƌĞĂƚƉƌŽĚƵĐƚ͘ ) 5(48(67)25&281&,/$&7,21 0((7,1*'$7( ŝƐƚĞŶƚǁŝƚŚƚŚĞĐƵƌƌĞŶƚsĂůůĞǇ^ŝĚĞĂŐƌĞĞŵĞŶƚƐ͕ƚŚĞKǁŶĞƌĂŶĚŝƚǇ͕ƐŚĂůůĞǆĞĐƵƚĞ Ă^ƵƉƉůĞŵĞŶƚĂůŐƌĞĞŵĞŶƚƚŽĂĚĚƌĞƐƐĂŶǇŝŶĐŽŶƐŝƐƚĞŶĐŝĞƐ͕ƉƌŝŽƌƚŽƌĞĐŽƌĚŝŶŐĂ&ŝŶĂůWůĂƚĂŶĚƉƌŝŽƌƚŽŽďƚĂŝŶŝŶŐ^ŝƚĞ ĞǀĞůŽƉŵĞŶƚWůĂŶĂƉƉƌŽǀĂůĨŽƌƚŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚŝŶƚŚĞĞǀĞŶƚƚŚĞƌĞŝƐŶŽƌĞƉůĂƚ͘ ϯͿdŚĞƐƚĂƚƵƐŽĨƚŚĞ'ƌĂĚŝŶŐĂŶĚ^ƚŽƌŵǁĂƚĞƌDĂŶĂŐĞŵĞŶƚWůĂŶƐŚĂůůďĞĂƉƉƌŽǀĞĚ͕ŽƌĂƉƉƌŽǀĞĚǁŝƚŚĐŽŶĚŝƚŝŽŶƐ͕ƉƌŝŽƌƚŽ ƐƵďŵŝƚƚŝŶŐƚŚĞ&ŝŶĂůWůĂƚ͘^ƵďŵŝƚƚĂůŽĨĂ&ŝŶĂůWůĂƚƉƌŝŽƌƚŽĨŝŶĂů'ƌĂĚŝŶŐĂŶĚ^ƚŽƌŵǁĂƚĞƌDĂŶĂŐĞŵĞŶƚWůĂŶĂƉƉƌŽǀĂůŽƌ ĂƉƉƌŽǀĂůǁŝƚŚĐŽŶĚŝƚŝŽŶƐƌĞƋƵŝƌĞƐĂƵƚŚŽƌŝǌĂƚŝŽŶĨƌŽŵƚŚĞŝƚǇŶŐŝŶĞĞƌ͘WĂǇŵĞŶƚŽĨĂŶǇĂƉƉůŝĐĂďůĞ^ƚŽƌŵtĂƚĞƌ DĂŶĂŐĞŵĞŶƚWůĂŶƌĞĂŚĂƌŐĞ;^tDWͿŝƐĚƵĞĐŽŶĐƵƌƌĞŶƚǁŝƚŚ'ƌĂĚŝŶŐWůĂŶĂƉƉƌŽǀĂů͘KǁŶĞƌƐŚŝƉĂŶĚDĂŝŶƚĞŶĂŶĐĞ ŽĨƚŚĞƉƌŽƉŽƐĞĚŽŶͲƐŝƚĞƉƌŝǀĂƚĞƐƚŽƌŵǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚĨĂĐŝůŝƚŝĞƐƐŚĂůůďĞĂĚĚƌĞƐƐĞĚďǇŐƌĞĞŵĞŶƚǁŝƚŚƚŚĞŝƚǇ͕ƉƌŝŽƌ ƚŽƌĞĐŽƌĚŝŶŐƚŚĞ&ŝŶĂůWůĂƚ͘/ƚĂƉƉĞĂƌƐƚŚĂƚƚŚĞƉƌŽǆŝŵŝƚǇŽĨĐĞƌƚĂŝŶŝŵƉƌŽǀĞŵĞŶƚƐƚŽƚŚĞƐŽƵƚŚWƌŽƉĞƌƚǇůŝŶĞǁŝůůƌĞƋƵŝƌĞ ŽĨĨͲƐŝƚĞƚĞŵƉŽƌĂƌǇŐƌĂĚŝŶŐĞĂƐĞŵĞŶƚƐ͘WƌŝŽƌƚŽŽƌĐŽŶĐƵƌƌĞŶƚǁŝƚŚ&ŝŶĂůWůĂƚĂƉƉƌŽǀĂů͕ƚŚĞĂƉƉůŝĐĂŶƚƐŚŽƵůĚĚĞŵŽŶƐƚƌĂƚĞ ƚŚĂƚƚŚĞǇŚĂǀĞĞĂƐĞŵĞŶƚƐŝŶƉůĂĐĞ͕ŽƌƚŚĂƚƚŚĞǇĐĂŶĐŽŶƐƚƌƵĐƚĂůůŽŶͲƐŝƚĞŝŵƉƌŽǀĞŵĞŶƚƐǁŝƚŚŽƵƚŐƌĂĚŝŶŐŽĨĨͲƐŝƚĞ͘ ϰͿdŚĞĂƉƉůŝĐĂŶƚŝƐĨŝŶĂŶĐŝĂůůǇŽďůŝŐĂƚĞĚĨŽƌƚŚĞĐŽƐƚƚŽŝŵƉƌŽǀĞĂƐƚǁŽŽĚZĚ^ĨƌŽŵϰϬƚŚǀĞ^ƚŽĂŶĚŝŶĐůƵĚŝŶŐƚŚĞ ƉƌŽƉŽƐĞĚƉƵďůŝĐĐƵůͲĚĞͲƐĂĐďƵůďĂƚƚŚĞƐŽƵƚŚǁĞƐƚĐŽƌŶĞƌŽĨƚŚĞWƌŽƉĞƌƚǇ͘dŚĞƐĞŝŵƉƌŽǀĞŵĞŶƚƐƐŚĂůůďĞĐŽŵƉůĞƚĞĚ ĐŽŶĐƵƌƌĞŶƚǁŝƚŚĚĞǀĞůŽƉŵĞŶƚŽĨƚŚĞWƌŽƉĞƌƚǇĂŶĚƚŚƌŽƵŐŚĂŝƚǇͲKǁŶĞƌŽŶƚƌĂĐƚ͘ ϱͿ^ŝŶĐĞĂƐƚǁŽŽĚZĚ^ŝƐŶŽůŽŶŐĞƌƉůĂŶŶĞĚƚŽĞǆƚĞŶĚĞĂƐƚĞƌůǇĂĐƌŽƐƐƚŚŝƐWƌŽƉĞƌƚǇĂƐĂƉƵďůŝĐƌŽĂĚ͕ĂƉƵďůŝĐƚƵƌŶͲ ĂƌŽƵŶĚŝƐŶĞĞĚĞĚĂƚƚŚĞƐŽƵƚŚĞƌůǇĞǆƚĞŶĚŽĨ,ĂǁƚŚŽƌŶĞŽƵƌƚ^ǁŚŝĐŚƐŚĂůůďĞĐŽŶƐƚƌƵĐƚĞĚĂƐƉĂƌƚŽĨƚŚĞŝƚǇͲKǁŶĞƌ 3DFNHW3J ) ŽŶƚƌĂĐƚƉƵďůŝĐŝŵƉƌŽǀĞŵĞŶƚƐĨŽƌ&ĂůĐŽŶ,ĞŝŐŚƚƐŽĨZŽĐŚĞƐƚĞƌ͘dŚĞĂƉƉůŝĐĂŶƚǁŝůůďĞƌĞƋƵŝƌĞĚƚŽŽďƚĂŝŶĂŶǇĂƉƉůŝĐĂďůĞ ŽĨĨͲƐŝƚĞĞĂƐĞŵĞŶƚƐĨŽƌŐƌĂĚŝŶŐƵŶůĞƐƐƚŚĞĚĞƐŝŐŶĚĞŵŽŶƐƚƌĂƚĞƐƚŚĂƚƚŚĞƚƵƌŶͲĂƌŽƵŶĚĐĂŶďĞĐŽŶƐƚƌƵĐƚĞĚǁŝƚŚŽƵƚŐƌĂĚŝŶŐ ŽĨĨͲƐŝƚĞ͘ ϲͿdŚŝƐĚĞǀĞůŽƉŵĞŶƚŝƐĐŽŶĚŝƚŝŽŶĞĚŽŶŽƵŶĐŝůĂƉƉƌŽǀĂůŽĨƚŚĞƉƌŽƉŽƐĞĚǀĂĐĂƚŝŽŶĨŽƌƉŽƌƚŝŽŶƐŽĨƚŚĞZĞĚ,ĂǁŬƌ^Θ &ĂůĐŽŶZĚ^ƌŝŐŚƚƐͲŽĨͲǁĂǇ͘dŚĞƌĞĂƌĞĞǆŝƐƚŝŶŐƉƵďůŝĐƵƚŝůŝƚŝĞƐǁŝƚŚŝŶZĞĚ,ĂǁŬƌ^Θ&ĂůĐŽŶZĚ^͘dŚĞĚĞǀĞůŽƉĞƌǁŝůů ďĞŽďůŝŐĂƚĞĚƚŽƉůĂƚƉƵďůŝĐĞĂƐĞŵĞŶƚƐƚŽĂĐĐŽŵŵŽĚĂƚĞƚŚĞĞǆŝƐƚŝŶŐƉƵďůŝĐƵƚŝůŝƚŝĞƐƐƵĐŚƚŚĂƚĂƉƵďůŝĐĞĂƐĞŵĞŶƚĞǆƚĞŶĚƐ ĂƚůĞĂƐƚϭϬĨƚĨƌŽŵƚŚĞĐĞŶƚĞƌůŝŶĞŽĨĂůůƉƵďůŝĐƵƚŝůŝƚŝĞƐ͘ ϳͿdŚĞĚĞǀĞůŽƉĞƌŝƐŽďůŝŐĂƚĞĚƚŽĚĞĚŝĐĂƚĞĂůůĂƉƉůŝĐĂďůĞƉƵďůŝĐĞĂƐĞŵĞŶƚĨŽƌŶĞǁŝŶĨƌĂƐƚƌƵĐƚƵƌĞƚŚĂƚŝƐŶĞĞĚĞĚĨŽƌƚŚŝƐ ĚĞǀĞůŽƉŵĞŶƚ͘^ĂŝĚĚĞĚŝĐĂƚŝŽŶƐŚĂůůďĞǀŝĂƚŚĞƉůĂƚǁŚĞƌĞĂƉƉůŝĐĂďůĞ͕ĂŶĚǀŝĂƐĞƉĂƌĂƚĞĚŽĐƵŵĞŶƚŝĨĞǆĂĐƚĂůŝŐŶŵĞŶƚƐĂƌĞ ŶŽƚŬŶŽǁŶĂƚƚŚĞƚŝŵĞŽĨ&ŝŶĂůWůĂƚ͘ ϴͿWƵďůŝĐtŽƌŬƐƐƵƉƉŽƌƚĨŽƌƚŚĞƉƌŽƉŽƐĞĚƐƚƌĞĞƚƌĞĂůŝŐŶŵĞŶƚǁŝƚŚŝŶƚŚĞĞĂƐƚĞƌůǇĂŶĚƐŽƵƚŚĞƌůǇƉŽƌƚŝŽŶŽĨƚŚĞƉƌŽƉŽƐĞĚ ĚĞǀĞůŽƉŵĞŶƚŝƐĐŽŶƚŝŶŐĞŶƚŽŶƚŚĞKǁŶĞƌƌĞĂĐŚŝŶŐĂŶĂŐƌĞĞŵĞŶƚǁŝƚŚƚŚĞŝƚǇWĂƌŬƐĞƉĂƌƚŵĞŶƚƌĞŐĂƌĚŝŶŐŵĂŝŶƚĞŶĂŶĐĞ ŽĨƉĞĚĞƐƚƌŝĂŶĨĂĐŝůŝƚŝĞƐ;ŝŶĐůƵĚŝŶŐƐŶŽǁƌĞŵŽǀĂůͿĂůŽŶŐƚŚĞƉƵďůŝĐƌŽĂĚĨƌŽŶƚĂŐĞƐŽĨƚŚĞƉƌŽƉŽƐĞĚƉĂƌŬůĂŶĚ͕ĂƐǁĞůůĂƐ͕ ŵĂŝŶƚĞŶĂŶĐĞŽĨƚŚĞƉƌŽƉŽƐĞĚƐƚŽƌŵǁĂƚĞƌƉŽŶĚĨĞĂƚƵƌĞǁŝƚŚŝŶƚŚĞƉƌŽƉŽƐĞĚƉŽŶĚƉĂƌĐĞů͘WĞĚĞƐƚƌŝĂŶ&ĂĐŝůŝƚŝĞƐĂƌĞ ƌĞƋƵŝƌĞĚĂůŽŶŐďŽƚŚĨƌŽŶƚĂŐĞƐŽĨĂůůƉƵďůŝĐƐƚƌĞĞƚƐǁŝƚŚŝŶͬĂďƵƚƚŝŶŐƚŚŝƐĚĞǀĞůŽƉŵĞŶƚ͘/ŶĂĚĚŝƚŝŽŶ͕ĂůůĚƌŝǀĞǁĂǇƐƐŚĂůůďĞ ĐŽŶƐƚƌƵĐƚĞĚĂƐƐƚĂŶĚĂƌĚ͞dǇƉĞ͟ĂƉƉƌŽĂĐŚĞƐǁŝƚŚĂƐŝĚĞǁĂůŬƐĞĐƚŝŽŶ͘/ƚŝƐƵŶĐůĞĂƌŝĨƚŚĞƐĞĐƌŝƚĞƌŝĂǁĞƌĞƉƌŽƉŽƐ ĞĚƚŽďĞ ŵĞƚĨƌŽŵƚŚĞĚĞƚĂŝůƐƐŚŽǁŶŽŶƚŚĞ'W͘ ϵͿǆĞĐƵƚŝŽŶŽĨĂŝƚǇͲKǁŶĞƌŽŶƚƌĂĐƚ͕ĂŶĚĚĞĚŝĐĂƚŝŽŶŽĨĂŶǇĂƉƉůŝĐĂďůĞƉƵďůŝĐĞĂƐĞŵĞŶƚƐ;ŶŽƚƐŚŽǁŶŽŶƚŚĞƉůĂƚͿŝƐ ƌĞƋƵŝƌĞĚƉƌŝŽƌĨŽƌĂŶǇŶĞǁͬĂĚĚŝƚŝŽŶĂůƉƵďůŝĐŝŶĨƌĂƐƚƌƵĐƚƵƌĞŶĞĞĚĞĚƚŽƐĞƌǀĞƚŚŝƐĚĞǀĞůŽƉŵĞŶƚ͘WƵďůŝĐƐŝĚĞǁĂůŬĂůŽŶŐƚŚĞ ĨƌŽŶƚĂŐĞƐŽĨƚŚĞƉƌŽƉŽƐĞĚƉĂƌŬůĂŶĚƐŚĂůůďĞĐŽŶƐƚƌƵĐƚĞĚĂƚƚŚĞĚĞǀĞůŽƉĞƌ͛ƐĞǆƉĞŶƐĞĂŶĚƚŚĞǁŽƌŬŝŶĐůƵĚĞŝŶƚŚĞ ŽŶƚƌĂĐƚ͘WƌĞůŝŵŝŶĂƌǇŽŶƐƚƌƵĐƚŝŽŶWůĂŶĐŽŵŵĞŶƚƐǁŝůůďĞƉƌŽǀŝĚĞĚƐĞƉĂƌĂƚĞůǇƚŽƚŚĞĂƉƉůŝĐĂŶƚ͛ƐĐŽŶƐƵůƚŝŶŐĞŶŐŝŶĞ Ğƌ͘ ϭϬͿdŚĞƌĞĂƌĞĐĞƌƚĂŝŶĚĞǀĞůŽƉŵĞŶƚĐŚĂƌŐĞŽďůŝŐĂƚŝŽŶƐĐŽŶƚĂŝŶĞĚŝŶƚŚĞ^ĞĐŽŶĚ^ƵƉƉůĞŵĞŶƚĂůŐƌĞĞŵĞŶƚƚŚĂƚĂƌĞĚƵĞĂƚ ƚŚĞƉƌĞƐĞŶƚƚŝŵĞ;ǁŝƚŚŽƌǁŝƚŚŽƵƚƚŚŝƐƉƌŽũĞĐƚŵŽǀŝŶŐĨŽƌǁĂƌĚͿ͘ŶŝŶǀŽŝĐĞĨŽƌƚŚĞƐĞŽďůŝŐĂƚŝŽŶƐǁŝůůďĞƐĞŶƚƐŚŽƌƚůǇĂŶĚ ƉĂǇŵĞŶƚŝƐĚƵĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞƚĞƌŵƐŽĨƚŚĞĂŐƌĞĞŵĞŶƚ͘ ϭϭͿKŶĞĂĚĚŝƚŝŽŶĂůĨŝƌĞŚǇĚƌĂŶƚŝŶƚŚĞEtĐŽƌŶĞƌŽĨƚŚĞĚĞǀĞůŽƉŵĞŶƚ͕ďĞƚǁĞĞŶƚŚĞƚǁŽ͚͛ďƵŝůĚŝŶŐƐ͕ƐŚĂůůďĞĂĚĚĞĚĨŽƌ ƉƌŽƉĞƌƚǇǁĂƚĞƌƐƵƉƉůǇĨŽƌĞŵĞƌŐĞŶĐǇĨŝƌĞŽƉĞƌĂƚŝŽŶƐŽŶƚŚĞďĂĐŬƐŝĚĞ;ǁĞƐƚͿŽĨƚŚŽƐĞďƵŝůĚŝŶŐƐ͘ ϭϮͿŶǇƐƚŽƌŵǁĂƚĞƌĨĂĐŝůŝƚŝĞƐƐŚĂůůďĞƌĞƋƵŝƌĞĚƚŽŚĂǀĞĂĚƌĂŝŶĂŐĞĞĂƐĞŵĞŶƚ͘ ϭϯͿdŚĞǁĂƚĞƌŵĂŝŶŵƵƐƚďĞƌƵŶƚŚƌŽƵŐŚƚŚĞĂƌĞĂƐŽƵƚƐŝĚĞŽĨƚŚĞƉƵďůŝĐƐƚƌĞĞƚƐŝŶƐƵĐŚĂǁĂǇĂƐƚŽƉƌŽǀŝĚĞĂĚĞƋƵĂƚĞ ůŽŽƉŝŶŐŽĨƚŚĞƐǇƐƚĞŵĨŽƌĨŝƌĞƉƌŽƚĞĐƚŝŽŶĂŶĚǁĂƚĞƌƋƵĂůŝƚǇĂŶĚǁĂƚĞƌŵĂŝŶƐŵƵƐƚďĞĞǆƚĞŶĚĞĚƚŽĂĚũĂĐĞŶƚƉƌŽƉĞƌƚŝĞƐ ƉĞƌZWhƌĞƋƵŝƌĞŵĞŶƚƐ͘ ϭϰͿdŚĞϰϬͲĂĐƌĞĚĞǀĞůŽƉŵĞŶƚƐŚĂůůďĞůŝŵŝƚĞĚƚŽϭ͕ϮϬϬĂǀĞƌĂŐĞĚĂŝůǇƚƌŝƉƐƵŶƚŝůƚŚĞƉƌŽƉŽƐĞĚƐĞĐŽŶĚĂƌǇĂĐĐĞƐƐŝƐ ƉƌŽǀŝĚĞĚ͘ ϭϱͿĞĚŝĐĂƚŝŽŶŽĨĂϭϬĨŽŽƚǁŝĚĞƉůĂƚƚĞĚƉƵďůŝĐƵƚŝůŝƚǇĞĂƐĞŵĞŶƚƐĂƌĞƌĞƋƵŝƌĞĚĂůŽŶŐƚŚĞĨƌŽŶƚĂŐĞƐŽĨĂůůƉƵďůŝĐƐƚƌĞĞƚƐ͘ ϭϲͿdŚĞWĂƌŬĂŶĚZĞĐƌĞĂƚŝŽŶĞƉĂƌƚŵĞŶƚƌĞĐŽŵŵĞŶĚƐƚŚĂƚĚĞĚŝĐĂƚŝŽŶƌĞƋƵŝƌĞŵĞŶƚƐďĞŵĞƚǀŝĂ͗ĐŽŵďŝŶĂƚŝŽŶŽĨůĂŶĚ ĂŶĚĐĂƐŚǁŝƚŚůĂŶĚĚĞĚŝĐĂƚŝŽŶĂŶĚƉĂǇŵĞŶƚĚƵĞƉƌŝŽƌƚŽƌĞĐŽƌĚĂƚŝŽŶŽĨƚŚĞĨŝŶĂůƉůĂƚ͘>ĂŶĚĚĞĚŝĐĂƚŝŽŶƚŽďĞƚŚĞϮ͘ϴϭĂĐƌĞ ůŽƚƐŚŽǁŶŽŶƚŚĞ'W͘ ϭϳͿŽƵůĞǀĂƌĚƚƌĞĞƐǁŝůůďĞƌĞƋƵŝƌĞĚĨŽƌƚŚĞĚĞǀĞůŽƉŵĞŶƚ͘WƌŝŽƌƚŽƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨƚŚĞƉƌŽƉĞƌƚǇ͕ƚŚĞKǁŶĞƌƐŚĂůů ĚĞƚĞƌŵŝŶĞǁŚŝĐŚŽĨƚŚĞƚǁŽĂǀĂŝůĂďůĞŽƉƚŝŽŶƐ͕WĂǇŵĞŶƚDĞƚŚŽĚŽƌ/ŶƐƚĂůůŽƵůĞǀĂƌĚdƌĞĞƐ͕ǁŝůůďĞƵƐĞĚƚŽŵĞĞƚƚŚĞŝƌ ďŽƵůĞǀĂƌĚƚƌĞĞŽďůŝŐĂƚŝŽŶƐĨŽƌĞĂĐŚƉŚĂƐĞŽĨƚŚĞĚĞǀĞůŽƉŵĞŶƚ͘dƌĞĞƐƐŚĂůůďĞƉůĂŶƚĞĚĞǀĞƌǇϱϬĨĞĞƚ͘ 3DFNHW3J ) ϭϴͿdŚĞ͚,td,KZEKhZd͛ƐƚƌĞĞƚŶĂŵĞŵƵƐƚďĞƌĞŶĂŵĞĚ͘dŚĞĂƉƉůŝĐĂŶƚƐŚĂůůƌĞƐŽůǀĞƚŚĞŶĂŵŝŶŐŝƐ ƐƵĞǁŝƚŚƚŚĞ'/^ ŝǀŝƐŝŽŶƉƌŝŽƌƚŽ&ŝŶĂůWůĂƚƐƵďŵŝƚƚĂů͘ ϭϵͿZϮϬϭϲͲϬϬϮsƐŚĂůůďĞĂƉƉƌŽǀĞĚĂŶĚƚŚĞƌĞƐŽůƵƚŝŽŶƌĞĐŽƌĚĞĚĐŽŶĐƵƌƌĞŶƚůǇǁŝƚŚƚŚĞ&ŝŶĂůWůĂƚĨŽƌ&ĂůĐŽŶ,ĞŝŐŚƚƐŽĨ ZŽĐŚĞƐƚĞƌ͘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